经济贸易系Seminar 2018年第1期（总第57期）：Understanding Exchange Rate Pass-through across firms and destinations
发布者：朱汉彬发布时间：2018-01-05浏览次数：175
| 主 题： | Understanding Exchange Rate Pass-through across Firms and Destinations |
| 主讲嘉宾： | 欧阳溥蔓 副教授 |
| 主 持 人： | 吴英娜 副教授 |
| 时 间： | 2018年1月8日(周一) 14:00-16:00 |
| 地 点： | 文泉北楼307会议室 |
| 主办单位： | 工商管理学院经济贸易系 |
| | |
| 嘉宾简介： | 西南财经大学经济与管理学院副教授,中南财经政法大学经济学学士、美国Syracuse University经济学博士。主研方向为国际贸易与区域经济。在China Economic Review、the World Economy、International Review of Economics and Finance 等国际期刊发表论文成果。 曾担任OECD咨询顾问。担任China Economic Review等国际期刊的审稿人。
|
| 内容简介： | We empirically assess how different firm characteristics matter for the degree ofexchange rate pass-through, using data with 53,355 Chinese production firms exporting 6,314 products to 179 destinations over 2000-2006. We find an important role for firm productivity in reducing the degree of pass-through, which can be partly attributed to a stronger response of export quality to exchange rate movements for firms with high productivity or larger shares of imported inputs. More fundamentally, our quality regressions imply that pass-through estimations are biased if contemporaneous quality changes are not accounted for. Next, we document pass-through asymmetries between depreciations and appreciations. We find that the average firm is less responsive to appreciations than depreciations, with greater pass-through into importers’ currency prices during appreciations and lower pass-through during depreciations, in line with inelastic foreign demand. Furthermore, we show a special or "dominant" role of the US dollar: changes in the real RMBUSD exchange rate affect export prices and quality strongly and more so than the bilateral RMB exchange rate vis-a-vis destinations currencies.
|
| | |
