Firm-to-Firm Relationships and the Pass-Through of Shocks: Theory and Evidence
利用美国进口交易数据，发现企业间关系越久，汇率冲击的传导效应反而越强；通过构建关系动态模型，解释了关系资本积累如何影响成本与定价，并导致传导效应的逆周期变化。
Abstract Economists have long suspected that firm-to-firm relationships might lower the responsiveness of prices to shocks due to the use of fixed-price contracts. Using transaction-level U.S. import data, I show that the pass-through of exchange rate shocks in fact rises as a relationship ages. Based on novel stylized facts about a relationship's life cycle, I develop a model of relationship dynamics in which a buyerseller pair accumulates relationship capital to lower production costs under limited commitment. The structurally estimated model generates countercyclical mark-ups and countercyclical pass-through of shocks through variation in the economy's rate of relationship creation, which falls in recessions.