Importers, exporters, and exchange rate disconnect

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dc.contributor.authorAmiti, Mary
dc.contributor.authorItskhoki, Oleg
dc.contributor.authorKonings, Jozef
dc.date.accessioned2016-11-18T09:48:41Z
dc.date.available2016-11-18T09:48:41Z
dc.date.issued2012-12
dc.description.abstractLarge exporters are simultaneously large importers. In this paper, we show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. First, we develop a theoretical framework that combines variable markups due to strategic complementarities and endogenous choice to import intermediate inputs. The model predicts that firms with high import shares and high market shares have low exchange rate pass-through. Second, we test and quantify the theoretical mechanisms using Belgian firm-product-level data with information on exports by destination and imports by source country. We confirm that import intensity and market share are the prime determinants of pass-through in the cross-section of firms. A small exporter with no imported inputs has a nearly complete pass-through, while a firm at the 95th percentile of both import intensity and market share distributions has a pass-through of just above 50%, with the marginal cost and markup channels playing roughly equal roles. The largest exporters are simultaneously highmarket- share and high-import-intensity firms, which helps explain the low aggregate pass-through and exchange rate disconnect observed in the data.ru_RU
dc.identifier.citationAmiti Mary, Itskhoki Oleg, Konings Jozef, 2012, National bureau of economic research; Importers, exporters, and exchange rate disconnect. http://nur.nu.edu.kz/handle/123456789/1891ru_RU
dc.identifier.urihttp://nur.nu.edu.kz/handle/123456789/1891
dc.language.isoenru_RU
dc.publisherNational bureau of economic researchru_RU
dc.rightsAttribution-NonCommercial-ShareAlike 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/us/*
dc.subjectimportersru_RU
dc.subjectexportersru_RU
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economicsru_RU
dc.titleImporters, exporters, and exchange rate disconnectru_RU
dc.typeWorking Paperru_RU

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