Investment, Pass‐Through, and Exchange Rates: A Cross‐Country Comparison
利用美、加、英、日四国数据，研究汇率对行业投资的影响，发现投资对汇率的敏感度随时间变化，且与出口依赖度正相关、与进口投入占比负相关，低加成率行业投资对汇率更敏感。
Using detailed data from the United States, Canada, the United Kingdom, and Japan, we examine the implications of exchange rates for time series of sectoral investment. Both theoretically and empirically, we show that investment responsiveness to exchange rates varies over time, positively in relation to sectoral reliance on export share and negatively with respect to the share of imported inputs in production. Important differences exist in investment endogeneity across high‐ and low‐price‐over‐cost markup sectors, with investment in low‐markup sectors often significantly more responsive to exchange rates. Cross‐country differences in investment response are only partially explained by industrial organization arguments.