Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation
研究了2015年瑞士法郎大幅升值对边境进口价格、零售价格以及消费者在国内外非耐用品上支出的影响，发现发票货币导致的边境价格变化会传导至消费者价格和消费分配。
We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported nondurable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes by currency of invoicing carries over to consumer prices and allocations, impacting retail prices of imports and competing domestic goods, as well as import expenditures. We provide measures of the sensitivity of retail import prices to border prices and the sensitivity of import shares to relative prices, which is higher when using retail prices than border prices.