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1、AmericanEconomicReview101(October2011):2450–2486http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.6.2450†InternationalPrices,Costs,andMarkupDifferencesByGitaGopinath,Pierre-OlivierGourinchas,Chang-TaiHsieh,andNicholasLi*Relativecross-borderretailprices,inacommoncurrency,comovecloselywiththen
2、ominalexchangerate.Usingproduct-levelpricesandwholesalecostsfromagrocerychainoperatingintheUnitedStatesandCanada,wedecomposethisvariationintorelativecostsandmarkupcomponents.Thehighcorrelationofnominalandrealexchangeratesisdrivenmainlybychangesinrelativecosts.Nationalborderssegmentmarkets.Retailp
3、ricesrespondtochangesincostsinneighboringstoreswithinthesamecountrybutnotacrossthebor-der.Priceshaveamediandiscontinuouschangeof24percentattheborderand0percentatstateboundaries.(JELF31,L11,L81)Awell-establishedfactininternationaleconomicsisthatrelativepricesattheretaillevelacrosscountries,express
4、edinacommoncurrency,comovecloselywiththenominalexchangerate.Understandingwhyiscentraltoansweringsomeoftheclassicquestionsininternationaleconomics,rangingfromthegainsfrommarketintegra-tiontothetransmissionofshocksacrossborders.Twoingredientsarenecessarytogeneratethispatterninthedata.First,someecon
5、omicforcesmustcauseretailpricestodifferacrosscountries.Standardexplanationsemphasizetheimportanceoflocalnontradedretailingcostsorpricingtomarketattheretaillevel(ArielBurstein,MartinEichenbaum,andSergioRebelo2005;PinelopiK.GoldbergandFrankVerboven2005).Second,cross-bordertransactioncostsmustbelarg
6、eenoughtopreventarbi-trage.Indeed,alargebodyofliteratureinterpretsthepricegapofsimilargoodsacrossbordersasameasureofthesetransactioncosts(CharlesEngelandJohnRogers1996).Inthispaper,webringnewdataandanewapproachtothesequestions.Weuseweeklydataatthebarcodelevelonretailpricesandwholesalecostsfor250U
7、Sstores(in19states)and75Canadianstores(in5provinces)ofasingleretailchainbetweenJanuary2004andJune2007onover4,000products.Atshorthorizons*Gopinath:DepartmentofEconomics,HarvardUniversity,LittauerCenter206,1805CambridgeS
