题目：International Trade Price Stickiness and Exchange Rate Pass-through in Micro Data: A Case Study on US-China Trade

主讲人：Jian Wang, Senior Research Economist, Federal Reserve Bank of Dallas

Abstract

Exporting _rm's pricing behaviors and the exchange rate pass-through (ERPT) are crucial issues in international macroeconomics. This paper studies these two issues, using a novel dataset containing goods-level US-China trade prices collected by the US Bureau of Labor Statistics. We document that the stickiness of US-China trade prices declined substantially after China started to appreciate its currency in 2005. The price duration has declined almost 30% in our sample. We show that a benchmark menu cost model that is calibrated to the data can replicate the documented decrease in price rigidity. We also estimate the pass-through of RMB appreciation into US import prices between 2005 and 2008. The lifelong ERPT is close to complete for prices with at least one change, while the pass-through is less than half when all goods are included. This is because about one third US import prices from China never changed in their lifetime.

JEL Classification: E31 F14 F31