The Speed of Exchange Rate Pass-Through
利用瑞士交易级贸易数据，分析了2015年瑞士法郎大幅升值后，以欧元和瑞士法郎计价的进口商品单位价值在每日频率下的汇率传递速度，发现前者传递即时且完全，后者部分传递但极快。
Abstract On January 15, 2015, the Swiss National Bank discontinued its minimum exchange rate policy of 1 euro against 1.2 Swiss francs. This policy change resulted in a sharp, unanticipated, and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the pass-through of this unusually clean exchange rate shock into import unit values at the daily frequency using Swiss transaction-level trade data. Our key findings are twofold. First, for goods invoiced in euros, the pass-through is immediate and complete. Second, for goods invoiced in Swiss francs, the pass-through is partial and exceptionally fast: beginning on the second working day after the exchange rate shock, the medium-run pass-through is reached after 12 working days.