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題名 | 菜單成本與不對稱匯率轉嫁--以臺灣進口物價為例=Asymmetry in Exchange Rate Pass--Through to Taiwan Import Prices: The Potential Role of Menu Costs |
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作者 | 黃恩恩; 藍青玉; 郭炳伸; | 書刊名 | 經濟論文 |
卷期 | 35:4 2007.12[民96.12] |
頁次 | 頁439-472 |
分類號 | 561.16 |
關鍵詞 | 不對稱; 匯率轉嫁; 菜單成本; 門檻迴歸模型; Asymmetry; Exchange rate pass-through; Menu cost; Threshold regression model; |
語文 | 中文(Chinese) |
中文摘要 | 本文應用門檻迴歸模型(threshold regression model)檢驗台灣進口物價是否因匯率變動幅度不同,而產生不同程度的匯率轉嫁。實證結果顯示,當匯率變動幅度小於3%時,有顯著的匯率轉嫁;反之,則匯率轉嫁不顯著。我們認為上述不對稱匯率轉嫁的可能成因為菜單成本的存在。當匯率變動時,出口商必須在調價所產生的菜單成本,與不調價對其價格競爭力的減損中,進行權衡取捨(trade-off)。因此,出口商唯有在匯率變動幅度夠大時,才會因應匯率變動進行調價。我們並透過理論模型嚴謹說明菜單成本存在時,上述的匯率「不對稱轉嫁」現象。 |
英文摘要 | This study investigates whether there is an asymmetry in exchange rate pass-through using threshold regression technique. We found significant evidence for the pass-through effect only when the changes in exchange rates are smaller than 3%. The asymmetry is consistent with the predictions from a simple theory where altering prices to accommodate exchange rate fluctuations by exporters may incur fixed menu cost. Hence, despite a loss in competitiveness, exporters tend to maintain their exporting prices when the degrees of exchange rate movements are mild, resulting in the observed exchange rate pass-through. |
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