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本文在垂直型FDI框架下构建了一个国际双头垄断模型,试图研究粘性机制下汇率冲击和劳动成本冲击对出口品价格的传递效应。研究结果表明:粘性机制下,汇率波动对出口价格的传递效应较之弹性机制下的传递效应更为“减弱”。发展中国家普遍存在的汇率“低传导率”现象可能与其在国际分工中的附加值较低以及价格粘性有密切关系。综合考虑内部和外部冲击,粘性机制下跨国企业出口价格的综合传导弹性在传导方向和程度上均具有不确定性,与传统的“不完全性传导”观点有所差异。
This paper constructs an international double-headed monopoly under the framework of vertical FDI, trying to study the effect of exchange rate shocks and labor cost shocks on the export price under the viscous mechanism. The result shows that under the viscous mechanism, the transfer effect of exchange rate volatility on export prices is more “diminished” than the transmission effect under the elastic mechanism. The prevailing exchange rate “low conductivity” phenomenon in developing countries may be closely related to its low added value in international division of labor and its price stickiness. Taking into account the internal and external shocks, the comprehensive transmission elasticity of MNC export prices under the viscous mechanism is both uncertain in terms of conduction direction and degree, which is different from the traditional “incomplete transmission” viewpoint.