Exchange Rate Pass-Through in U.S. Manufacturing Industries
研究美国制造业中汇率变动对进口价格的影响（汇率传递），发现传递不完全且因行业而异，传递程度与产品差异化正相关、与边际成本弹性负相关。
This paper studies exchange rate pass-through in U.S. manufacturing industries and its cross-sectional variation. Through an adapted Dixit-Stiglitz model of product differentiation, the paper predicts that pass-through is positively related to the degree of product differentiation and inversely related to the elasticity of marginal cost with respect to output. Empirical estimates of the pass-through elasticities show that pass-through is incomplete and varies across industries. The degree of pass-through is found to be positively correlated to different proxies for product differentiation, and negatively to a proxy for the elasticity of marginal cost. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology