Exchange Rate Pass-Through When Market Share Matters
研究当企业未来需求取决于当前市场份额时，汇率变动如何影响进口价格，发现美元暂时升值时外国企业可能提高或降低出口价格，且当前进口价格对未来汇率的敏感度可能高于当前汇率。
The authors investigate the pass-through from exchange rates to import prices when firms' future demands depend on their current market shares. They show that profit-maximizing foreign firms may either raise or lower their dollar export prices when the dollar appreciates temporarily (i.e., the pass-through may be perverse) and that current import prices may be more sensitive to expected future exchange rates than to current exchange rates. They present evidence that suggests the behavior of expected future exchange rates may provide a clue to the puzzling recent behavior of U.S. import prices.