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Autor:innen: 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
KOF Working Papers No. 331
Verlag: 
ETH Zurich, KOF Swiss Economic Institute, Zurich
Zusammenfassung: 
This paper analyses how exchange rate shocks are transmitted at the firm level and establishes a nexus to firm-level export activity. Using precise survey data from a sample of Swiss firms, I find that an appreciation increases the probability of a decrease in firm-level costs, prices and profits. Exchange rate movements are passed through to import prices, absorbed in firm selling prices and lead to adjustments in firm profits. The pattern is non-linear across firms with a varying degree of international exposure. The likelihood of adjustments is increasing in firm-level export share in total turnover. I also show that exchange rate variability affects adjustment probabilities. The analysis suggests that Swiss firms take prices as given. Exchange rate shocks are absorbed through a reduction in both costs and prices, however, these adjustments are not proportional such that overall profits decline during appreciation periods.
Schlagwörter: 
exchange rate
exchange rate pass-through
market structure
firm-level data
costs
local prices
profits
exports
JEL: 
D22
D4
E31
F14
F31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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