文澜学术系列讲座 第八期

主讲人伟德BETVlCTOR1946 简介：

Puyang SUN: Professor, School of Economics, Nankai University; Ph.D tutor, University of Birmingham (UK). Professor SUN obtained his Ph. D degree from University of Birmingham (UK) in 2009.Over 30 of his papers have been published in highly prestigious international and domestic journals such as Journal of Urban Economics, Oxford Bulletin of Economics and Statistics, Economic Research Journal, Management World, etc.

Research Interests: International Economics, Development Economics 

内容提要：

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.