Firm-level productivity-wage pass-through

2021 ◽  
Keyword(s):  
Firm Level ◽  
Pass Through

scholarly journals Vehicle Currency Pricing and Exchange Rate Pass-Through

2021 ◽  
Author(s):  
Natalie Chen ◽  
Wanyu Chung ◽  
Dennis Novy
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Great Recession ◽  
Firm Level ◽  
Bilateral Exchange ◽  
The Great Recession ◽  
Pass Through ◽  
Exchange Rate Changes ◽  
Exchange Rate Pass Through ◽  
The Relationship

Abstract Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of the transactions in our sample invoiced in neither sterling nor the exporter’s currency. We then study the relationship between invoicing currencies and the response of import unit values to exchange rate changes. We find that for transactions invoiced in a vehicle currency, import unit values are much more sensitive to changes in the vehicle currency than in the bilateral exchange rate. Pass-through therefore substantially increases once we account for vehicle currencies. This result helps to explain why UK inflation turned out higher than expected when sterling depreciated during the Great Recession and after the Brexit referendum. Finally, within a conceptual framework we show why bilateral exchange rates are not suitable for capturing exchange rate pass-through under vehicle currency pricing. Overall, our results help to clarify why the literature often finds a disconnect between exchange rates and prices when vehicle currencies are not accounted for.

scholarly journals Demand, Supply, and Markup Fluctuations

2021 ◽  
Author(s):  
Carlos D Santos ◽  
Luís F Costa ◽  
Paulo B Brito
Keyword(s):  
Structural Model ◽  
Supply And Demand ◽  
Aggregate Demand ◽  
Cost Curve ◽  
Firm Level ◽  
Demand Shocks ◽  
Marginal Costs ◽  
Price Adjustments ◽  
Marginal Cost Curve ◽  
Pass Through

Abstract Markup cyclicality has been central for debating policy effectiveness and understanding business-cycle fluctuations. However, measuring the cyclicality of markups is as important as understanding the microeconomic mechanisms underlying that cyclicality. The latter requires measurement of firm-level markups and separating supply from demand shocks. We construct a novel dataset with detailed (multi-)product-level prices for individual firms. By estimating a structural model of supply and demand, we evaluate how companies adjust prices and marginal costs as a response to shocks. We find that price markups respond positively to supply shocks and negatively to demand shocks. The mechanism explaining the observed markup behaviour is the same for both shocks: incomplete pass-through of changes along the marginal-cost curve to price adjustments. These observed price and output responses are consistent with dynamic demand considerations. Finally, we use our estimated shocks to show how aggregate markup fluctuations in the sample period are mostly explained by aggregate demand shocks.

scholarly journals Tariff Pass-through in Wholesaling: Evidence from Firm-level Data in Japan

2021 ◽  
pp. 101164
Author(s):  
Youngmin BAEK ◽  
Kazunobu HAYAKAWA ◽  
Kenmei TSUBOTA ◽  
Shujiro URATA ◽  
Kenta YAMANOUCHI
Keyword(s):  
Firm Level ◽  
Level Data ◽  
Firm Level Data ◽  
Pass Through

scholarly journals Evaluating Microfoundations for Aggregate Price Rigidities: Evidence from Matched Firm-Level Data on Product Prices and Unit Labor Cost

2012 ◽  
Vol 102 (4) ◽  
pp. 1571-1595 ◽  
Author(s):  
Mikael Carlsson ◽  
Oskar Nordström Skans
Keyword(s):  
Marginal Cost ◽  
Labor Cost ◽  
Unit Labor Cost ◽  
Firm Level ◽  
Price Adjustments ◽  
Level Data ◽  
Price Rigidities ◽  
Key Driver ◽  
Pass Through ◽  
Matched Data

Using matched data on product-level prices and the producing firm's unit labor cost, we find a moderate pass-through of current idiosyncratic marginal-cost changes. Also, the response does not vary across firms facing very different idiosyncratic shock variances, but identical aggregate conditions. These results do not fit the predictions of Mackowiak and Wiederholt (2009). Neither do firms react strongly to predictable marginal-cost changes, as expected from Mankiw and Reis (2002). We find that firms consider both current and expected future marginal cost when setting prices. This points toward impediments to continuous price adjustments as a key driver of monetary non-neutrality.

Instrumentation for detecting channelling radiation in the high-voltage electron microscope

1983 ◽  
Vol 41 ◽  
pp. 318-319
Author(s):  
J. H. Butler ◽  
C. J. Humphreys
Keyword(s):  
Monochromatic Light ◽  
Incident Beam ◽  
Laboratory Frame ◽  
Relativistic Electrons ◽  
Voltage Electron ◽  
Dipole Emission ◽  
Sinusoidal Oscillations ◽  
Pass Through ◽  
Incident Beam Energy ◽  
Increasing Function

Electromagnetic radiation is emitted when fast (relativistic) electrons pass through crystal targets which are oriented in a preferential (channelling) direction with respect to the incident beam. In the classical sense, the electrons perform sinusoidal oscillations as they propagate through the crystal (as illustrated in Fig. 1 for the case of planar channelling). When viewed in the electron rest frame, this motion, a result of successive Bragg reflections, gives rise to familiar dipole emission. In the laboratory frame, the radiation is seen to be of a higher energy (because of the Doppler shift) and is also compressed into a narrower cone of emission (due to the relativistic “searchlight” effect). The energy and yield of this monochromatic light is a continuously increasing function of the incident beam energy and, for beam energies of 1 MeV and higher, it occurs in the x-ray and γ-ray regions of the spectrum. Consequently, much interest has been expressed in regard to the use of this phenomenon as the basis for fabricating a coherent, tunable radiation source.

Sign in / Sign up

Export Citation Format

Share Document