Pass-Through of Own and Rival Cost Shocks: Evidence from the U.S. Fracking Boom
利用美国页岩气繁荣带来的大规模投入成本冲击，分离出企业特定、区域性和行业范围的成本冲击对石油精炼价格的影响，发现传导率从接近零到完全传导不等，并讨论了竞争对手成本传导对碳税政策的启示。
Abstract In imperfectly competitive settings, a firm's price depends on its own costs as well as those of its competitors. We demonstrate that this has important implications for the estimation and interpretation of pass-through. Leveraging a large input cost shock resulting from the fracking boom, we isolate price responses to firm-specific, regional, and industry-wide input cost shocks in the U.S. oil refining industry. The pass-through of these components varies from near zero to full pass-through, reconciling seemingly disparate results from the literature. We illustrate the policy implications of rival cost pass-through in the context of a tax on refinery carbon emissions.