Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation
Ariel Burstein and
American Economic Review, 2021, vol. 111, issue 2, 652-86
We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported nondurable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes by currency of invoicing carries over to consumer prices and allocations, impacting retail prices of imports and competing domestic goods, as well as import expenditures. We provide measures of the sensitivity of retail import prices to border prices and the sensitivity of import shares to relative prices, which is higher when using retail prices than border prices.
JEL-codes: E21 E31 F14 F31 L11 (search for similar items in EconPapers)
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Working Paper: Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation (2021)
Working Paper: Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation (2020)
Working Paper: Exchange rates and prices: evidence from the 2015 Swiss franc appreciation (2018)
Working Paper: Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation (2018)
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