主题：FIRMS’ HETEROGENEITY, DEMAND ACCUMULATING, AND EXCHANGE RATE PASS-THROUGH
主讲人简介：谭用，南京大学经济学院副教授，美国范德堡大学经济系研究员，主要研究领域为产业组织，应用计量经济学，应用微观经济学，论文发表在Review of International Economics、China Economic Review、International Review of Economics and Finance等学术期刊。
主讲内容：In this paper, we capture and explore the different export behaviors between new and incumbent exporters in response to exchange rate shocks. We establish a dynamic model, in which new ex- porters strategically charge a lower price than incumbent exporters in order to accumulate their custmer base and increase future sales. The model predicts that new exporters adjust their price more aggressively relative to their incumbent counterparts in response to exchange rate fluctu- ations. Meanwhile, export quantities of new exporters change less than incumbent exporters under the shock. Using a transaction-level dataset containing all Chinese exporters during the 2000-2009 period, we find supporting evidence for the model’s predictions: new exporters ad- just their price 1.5 times more than incumbent exporters, which results in a diminished export quantity change for new exporters. The result holds to a series of robustness checks. The find- ings imply for different magnitude of exchange rate pass-through between new and incumbent exporters.