An Empirical Study on International Price Competition and Exchange Rate Pass-through
研究美国市场中人民币名义汇率对中国出口价格的影响，发现国际价格竞争激烈导致汇率传递程度低，进而削弱了人民币升值缓解中美贸易失衡的效果。
This paper builds up a framework to study the exchange rate pass-through in the presence of international price competition in the US market and analyzes RMBs nominal exchange rate pass-through into China export price to US.By using cointegration techniques and VEC model,the authors find a high degree of international price competition in the US market which leads to a low degree of RMB's nominal exchange rate passthrough. These results,in turn,suggest a low degree of international expenditure-switching effects,so incomplete exchange rate pass-through destroys the effectiveness of mitigating the trade imbalance between US and China by RMBs appreciation.