Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation

Auer, Raphael and Burstein, Ariel and Erhardt, Katharina and Lein, Sarah. (2020) Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation. WWZ Working Paper, 2020 (14). Basel.

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Official URL: https://edoc.unibas.ch/78920/

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The Swiss National Bank's (SNB) elimination of the lower bound on the EUR/CHF exchange rate on January 15 2015 provides a unique setting to study how prices and quantities respond to changes in nominal exchange rates. In this paper, we complement the study of imports in Auer et al. (2020) by looking at how the response of Swiss export prices and export values varies across products according to the currency of invoicing at the border. The rate of pass through (measured in CHF) into export prices was much lower in industries with a higher share of CHF-invoiced export border prices. We show that industries with higher CHF-invoicing shares experienced substantially weaker export growth in the two-year period after January 2015. At short horizons, however, export quantities did not respond across industries as much as prices to the exchange rate shock.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Makroökonomie (Lein)
12 Special Collections > WWZ Publications > WWZ Discussion Papers and Working Papers
UniBasel Contributors:Lein, Sarah M. and Burstein, Ariel and Auer, Raphael
Item Type:Working Paper
Number of Pages:17
Note:Publication type according to Uni Basel Research Database: Discussion paper / Internet publication
Identification Number:
  • handle: RePEc:bsl:wpaper:2020/14
edoc DOI:
Last Modified:22 Oct 2020 07:52
Deposited On:22 Oct 2020 07:52

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