汇率冲击向贸易品价格传递的实质、研究维度与困境

The Nature,Dimension and Dilemma of the Study on Exchange Rate Pass-through

汇率冲击向贸易品价格传递的实质是关于贸易品价格粘性的研究。经过近三十年的发展,对汇率传递现象的微观研究渐趋成熟。从不完全传递的微观成因、汇率波动的属性对汇率传递的影响以及实证研究方法等三个维度梳理主要的微观理论和实证进展,并指出近年来微观研究发展缓慢的原因及若干理论困境,包括汇率传递的不对称性和商品及国家间异质性的来源不清,经济全球化的新特征未能在微观理论研究上得以体现。

The study on ERPT is essentially a subfield of price stickiness. After the incomplete ERPT was formally presented, the research in this field is developed in three major dimensions： the explanation of ERPT based on industrial organization theories, the examination of the nature of exchange rate shock itself, and the empirical developments in the estimation of ERPT coefficients. However, the theoretical improvement slows down, and most of the literature focuses on empirical test, which unfortunately leaves some ambiguous or even conflicting results calling for further examination, especially on the heterogeneity of ERPT across commodities.