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  • 标题:Exchange-Rate Pass-Trough at the Product Level
  • 本地全文:下载
  • 作者:Guillaume Gaulier Amina Lahrèche-Revil Isabelle Méjean
  • 期刊名称:Document de Travail / Centre d'Etudes Prospectives et d'Informations Internationales
  • 出版年度:2006
  • 卷号:1
  • 出版社:Paris
  • 摘要:This paper uses a detailed database to investigate exchange-rate pass-through at the product level, for a large number of countries. Since the database provides harmonized trade flows, pass-through in both export and import prices can be investigated consistently. The empirical analysis suggests that pricing behaviors are dichotomic: while pass-through is complete in 30 to 40% of sectors, there is significant pricing-to-market in the remaining ones. The average long-run pass-through coefficient is nevertheless quite high, close to 80% on average. This result however hides a strong heterogeneity of pass-through behaviors across sectors and exporting countries, and to a lesser extent across importers. Trying to disentangle composition effects from structural factors, the analysis suggests that a large part of cross-country differences is attributable to composition effects. Still, the pass-through is on average higher i) in volatile environments, ii) in less developed countries, iii) in little integrated markets.
  • 关键词:Pass-through; pricing-to-market; product-level analysis; macroeconomic determinants
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