汇率波动对加价的影响——瑞士企业层面的证据

IF 3.3 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-09-01 DOI:10.1016/j.jimonfin.2025.103422

Elizabeth Steiner, Yannic Stucki

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引用次数: 0

摘要

本文估计了汇率波动对加价的影响。使用生产函数方法对2012-2017年期间瑞士制造企业的综合面板进行了公司层面的加价估计。然后使用事件研究设计，利用2015年1月瑞士法郎对欧元的大幅、突然和持续升值来估计汇率的传递。结果表明，在人民币升值后，瑞士制造企业调整其加价幅度的差异很大。大公司，尤其是利润丰厚的大型出口商，大幅降低了利润率。由于其庞大的规模，大公司塑造了总体反应。相比之下，一般公司没有显著的反应。这表明，占多数的小公司要么不能，要么不愿通过调整加价来消化汇率变动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of exchange rate fluctuations on markups – firm-level evidence for Switzerland

This paper estimates the impact of exchange rate fluctuations on markups. Firm-level markups are estimated for a comprehensive panel of Swiss manufacturing firms for the period 2012–2017 using a production-function approach. The pass-through of the exchange rate is then estimated using an event–study design exploiting the large, sudden, and persistent appreciation of the Swiss franc against the euro in January 2015. The results show that following an appreciation, Swiss manufacturing firms adjust their markups very heterogeneously. Large firms, especially highly profitable large exporters, substantially decrease their markups. Owing to their sheer size, large firms shape the aggregate response. In contrast, the average firm does not respond significantly. This suggests that smaller firms, which are in the majority, are either unable or unwilling to absorb exchange rate movements by adjusting their markups.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.