Prices and Exchange Rates: A Theory of Disconnect
构建了一个包含异质性生产者和内生加成的粘性工资模型，解释了汇率对进口价格的低传导率与贸易流量大幅变动并存的现象，并揭示了企业层面的非对称价格调整和贸易边际变化。
I present a sticky-wage model of exchange rate pass-through with heterogeneous producers and endogenous markups. The model shows that low levels of exchange rate pass-through to firm- and aggregate-level import prices coexist with large movements in trade flows. After an exchange rate shock, aggregate import prices are subject to a composition bias due to changes in the extensive margin of trade (the number of goods traded between countries). At the firm level, each producer adjusts its markups depending on its own productivity and the change in the competitive environment generated by the exchange rate movement. Firm-level price responses are asymmetric—different for appreciations and depreciations—and adjustments in the intensive margin of trade (firm-level exports) are substantial. In general equilibrium, the model shows that firm reallocations increase the persistence of exogenous shocks.