Demand for Value Added and Value-Added Exchange Rates
研究了跨境投入品关联如何影响增加值需求对国际相对价格变化的反应，提出了增加值实际有效汇率概念，并发现投入品关联会降低对供应链伙伴价格变化的敏感性，但提高需求的价格弹性。
We examine how cross-border input linkages shape the response of demand for value added to international relative price changes. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes. Spillovers via input linkages lower the sensitivity of the value-added REER to price changes by supply chain partners because they counterbalance demand-side expenditure switching. Input linkages also raise the price elasticity of demand relative to the conventional REER framework, making demand more sensitive to REER changes. Using global input-output data, we demonstrate that these conceptual insights are quantitatively important in a case study of European competitiveness.