ABSTRACT

Numerous empirical studies suggest that the responses of prices to exchange rate movements are muted, i.e. the exchange rate pass-through is incomplete. In this study we investigate whether this result can be explained by inaction to small changes in the exchange rate, in which case the incompleteness would constitute merely an artefact introduced by the linear specification of the pass-through equation. The results obtained for Polish industry show significant sign- and size-dependence in the sensitivity of export prices to exchange rate movements, but only in a few cases they fully account for the incompleteness of the pass-through. The tendency for inaction is to a large extent determined by industry’s characteristics, with sectors more technologically advanced and more involved in international activities, more willing or able to absorb exchange rate movements in their markups, thereby stabilizing their prices in the destination markets.

摘要

大量的经验研究表明，价格对汇率变动的反应是无声的，即汇率传递不完全。在这项研究中，我们研究了是否可以通过对汇率的小幅变化无动于衷来解释这一结果，在这种情况下，不完全性将仅构成传递方程的线性规范所引入的伪像。波兰工业所获得的结果显示，出口价格对汇率变动的敏感性显着取决于符号和规模，但仅在少数情况下，它们充分说明了传递的不完整性。不采取行动的趋势在很大程度上取决于行业的特征，行业技术水平更高，并且更多地参与国际活动，