American Economic Review · 2021 · Raphael Auer、Ariel Burstein、Sarah M. Lein
中文摘要
我们剖析了 2015 年 1 月欧元兑瑞士法郎汇率下限取消后，一次大幅且突然的汇率升值对瑞士边境进口价格、零售价格以及消费者在国内与进口非耐用品上的支出的影响。边境价格变化按计价货币划分的横截面差异，会传导至消费者价格与配置，影响进口品及竞争性国内品的零售价格，以及进口支出。我们提供了零售进口价格对边境价格的敏感性度量，以及进口份额对相对价格的敏感性度量；后者在使用零售价格时高于使用边境价格时。（JEL E21, E31, F14, F31, L11）
Abstract
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. (JEL E21, E31, F14, F31, L11)