Exporters' Heterogeneous Productivities, Liquidity Constraint, and the Dynamics of International Relative Prices

2015 Fiscal Year Final Research Report

• Project/Area Number: 24730170
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic theory
• Research Institution: Sophia University
• Principal Investigator: KOSAKA Michiru 上智大学, 国際教養学部, 准教授 (50612082)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: 国際相対価格 / 為替レート / 輸出企業 / 金融制約 / 流動性制約

Outline of Final Research Achievements

This research project studies the effects of the financial constraints of heterogeneous exporting firms on their price-setting behaviors and sensitivities to exchange rates in order to understand the behaviors of international relative prices. Using a model that assumes endogenous markups, I find that the exchange rate pass-through is higher when firms face greater financial constraints. Using a dynamic stochastic general equilibrium (DSGE) model, I also further analyze how the level of integration of financial markets affects the transmissions of exogenous economic shocks.

Free Research Field

マクロ経済学