| 讲座简介： | This paper examines how US Quantitative Easing (QE) policy affects Chinese exporters. We show that U.S. QE policy plays a significant role in affecting Chinese exporters’ exchange rate pass-through due to various exporting destinations with distinct responses of exchange rate. First, this paper develops a theoretical model linking QE monetary policy and Chinese exporters through exchange rate pass-through. Our model predicts that the firms with different destination have various responses of US QE policies. Second, we test and quantify the theoretical mechanisms using Chinese firm-product-level data with information on exports by destination and U.S. quantitative easing policy index. We confirm that exchange rate reaction to U.S. quantitative easing policy and market share are key determinants of pass-through among Chinese exp. An exporter with no quantitative easing influence has a nearly complete pass-through, while a firm at the 95th percentile of both quantitative easing influence and market share has a pass-through of just 83.10%. The pass-through to the export destination with currency appreciation and exporters with high-market-share is lower, which helps explain the heterogeneity of U.S. quantitative easing influences on exchange rate pass-through of Chinese exporters. |
