Exchange-rate pass-through in Japanese export pricing

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Abstract:

Two recent aggregative studies claim to demonstrate that Japanese exporters absorb a proportion of exchange-rate changes in their profit margins; but the estimates of this proportion are dramatically different. This study accounts for the discrepancy, and shows that neither estimate is credible. These results identify incomplete pass-through, conditional on costs, as a transitory consequence of export pricing in currencies other than yen. The only long-run effect of the exchange rate on yen-dominated export prices operates through imported materials prices.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840110048456

Publication date: February 15, 2002

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