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Multi‐product exporters, variable markups and exchange rate fluctuations

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  • Mauro Caselli
  • Arpita Chatterjee
  • Alan Woodland

Abstract

In this paper we investigate how firms adjust markups across products in response to fluctuations in the real exchange rate. We estimate markups at the market–product–plant level using detailed panel production and cost data from Mexican manufacturing between 1994 and 2007. Exploiting variation in the real exchange rate in the aftermath of the peso crisis in December 1994, we provide robust empirical evidence that plants increase their markups and producer prices in response to a real depreciation and that this increase is greater for products with higher productivity. Thus, we provide direct evidence for the theoretical mechanism of variable markup response behind incomplete and heterogeneous exchange rate pass‐through on producer prices. Our empirical methodology allows us to decompose the producer price response to exchange rate shocks into a markup and a marginal cost component using our markup estimates. Using these estimates, we establish that marginal cost at the product–plant level increases more in response to real exchange rate depreciation if the plant has higher share of imported inputs. Exportateurs de plusieurs produits, marges bénéficiaires variables, et fluctuations dans le taux de change. Dans ce mémoire, on enquête sur la façon dont les firmes ajustent leurs marges bénéficiaires d’un produit à l’autre en réponse aux fluctuations dans le taux de change réel. On calibre les marges bénéficiaires au niveau de l’établissement dans le marché du produit à l’aide de données de panel sur la production et les coûts pour le secteur manufacturier mexicain entre 1994 et 2007. Tirant profit de la variation dans le taux de change réel dans la période qui a suivi la crise du péso de 1994, on documente des résultats empiriques robustes à savoir que les établissements ont accru leurs marges bénéficiaires et leurs prix en réponse à une dépréciation réelle et que ces accroissements ont été plus grands pour les produits à haute productivité. De plus, on fournit des résultats directs pour ce qui est du mécanisme théorique de la réponse variable des marges bénéficiaires derrière le transfert incomplet et hétérogène de l’effet du taux de change sur les prix des producteurs. La méthodologie empirique utilisée permet de décomposer la réponse des prix des producteurs aux chocs dans les taux de change variations entre une composante marge bénéficiaire et une composante coûts marginaux en utilisant les évaluations de marges bénéficiaires. À l’aide de ces estimés, on établit que le coût marginal au niveau de l’établissement s’accroît davantage en réponse à une dépréciation du taux de change réel si les établissements ont une fraction plus importante d’intrants importés.

Suggested Citation

  • Mauro Caselli & Arpita Chatterjee & Alan Woodland, 2017. "Multi‐product exporters, variable markups and exchange rate fluctuations," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(4), pages 1130-1160, November.
  • Handle: RePEc:wly:canjec:v:50:y:2017:i:4:p:1130-1160
    DOI: 10.1111/caje.12289
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    2. Erik Eyster & Kristóf Madarász & Pascal Michaillat, 2021. "Pricing Under Fairness Concerns," Journal of the European Economic Association, European Economic Association, vol. 19(3), pages 1853-1898.
    3. Mauro Caselli & Stefano Schiavo, 2020. "Markups, import competition and exporting," The World Economy, Wiley Blackwell, vol. 43(5), pages 1309-1326, May.
    4. Mauro Caselli, 2018. "Do all imports matter for productivity? Intermediate inputs vs capital goods," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(2), pages 285-311, August.
    5. Caselli, Mauro & Schiavo, Stefano & Nesta, Lionel, 2018. "Markups and markdowns," Economics Letters, Elsevier, vol. 173(C), pages 104-107.
    6. Ayuma Ken Kikkawa & Yuan Mei & Pablo Robles Santamarina, 2019. "The Impact of NAFTA on Prices and Competition: Evidence from Mexican Manufacturing Plants," CESifo Working Paper Series 7700, CESifo.
    7. Sarah Guillou & Tania Treibich, 2019. "Firm export diversification and change in workforce composition," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 155(4), pages 645-676, November.
    8. Maria Gabriela Ladu & Andrea Linarello & Filippo Oropallo, 2020. "Trade shocks, product mix adjustment and productivity growth in Italian manufacturing," The World Economy, Wiley Blackwell, vol. 43(5), pages 1434-1451, May.
    9. Sofia Anyfantaki & Sarantis Kalyvitis & Margarita Katsimi & Eirini Thomaidou, 2018. "Export pricing at the firm level with panel data," Working Papers 241, Bank of Greece.
    10. Bernini, Michele & Tomasi, Chiara, 2015. "Exchange rate pass-through and product heterogeneity: Does quality matter on the import side?," European Economic Review, Elsevier, vol. 77(C), pages 117-138.
    11. Caselli, Mauro & Nesta, Lionel & Schiavo, Stefano, 2021. "Imports and labour market imperfections: Firm-level evidence from France," European Economic Review, Elsevier, vol. 131(C).

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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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