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Pass-Through and Exposure

Gordon M. Bodnar

出版	SSRN, 2013
URL	http://books.google.com.hk/books?id=E1jozgEACAAJ&hl=&source=gbs_api

註釋

Firms differ in the extent to which they 'pass through' changes in exchange rates into foreign currency prices and in their 'exposure' to exchange rates - the responsiveness of their profits to changes in exchange rates. Because pricing affects profitability, a firm's pass-through and exposure should be related. This paper develops models of exporting firms under imperfect competition to study these related phenomena. From these models we derive the optimal pass-through decisions and the resulting exchange rate exposure. The models are estimated on eight Japanese export industries using both the price data pass-through and financial data for exposure.