Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation

Raphael Auer · Ariel Burstein · Katharina Erhardt · Sarah M. Lein

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Global trade and economics Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

Do differences in border price adjustment by currency of invoicing carry over to allocations? We document the cross-industry variation in the response of Swiss export prices and export values by currency of invoicing of border prices in the aftermath of the large and abrupt Swiss franc (CHF) appreciation in January 2015. Industries with higher CHF-invoicing shares (and a larger increase in foreign-currency denominated prices) experienced substantially weaker export growth in the two-year period after January 2015.

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2010Currency Choice and Exchange Rate Pass-Through 2012Understanding International Prices: Customers as Capital 2006Equivalence Results for Optimal Pass-through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing 2018Exporters and shocks

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2022Dominant Currency Paradigm: a review 2022Endogenous product adjustment and exchange rate pass-through 2020Import prices and invoice currency: Evidence from Chile

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