Exchange Rate Pass-Through: Evidence from a Survey Experiment

Last registered on December 09, 2024
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Pre-Trial

Trial Information

General Information

Title
Exchange Rate Pass-Through: Evidence from a Survey Experiment
RCT ID
AEARCTR-0014918
Initial registration date
December 04, 2024

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
December 09, 2024, 4:53 PM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

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Primary Investigator

Name
Johannes Fischer
Affiliation
Deutsche Bundesbank
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Other Primary Investigator(s)

PI Name
Mathias Hoffmann
PI Affiliation
Deutsche Bundesbank
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Additional Trial Information

Status
In development
Start date
2025-01-01
End date
2025-03-31
Keywords
Firms & Productivity
Additional Keywords
pass-through, exchange rate, hedging, firm survey
JEL code(s)
E31, F31, F41
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We use a survey approach to estimate the exchange rate pass-through (ERPT) at the firm level. We randomly assign firms to different vignettes presenting different hypothetical scenarios for the euro exchange rate. Firms are then asked to provide own-price growth expectations over two different horizons in response to these scenarios, directly eliciting their ERPT. We subsequently investigate whether firms are operationally or financially hedged against exchange rate movements.
External Link(s)

Registration Citation

Citation
Fischer, Johannes and Mathias Hoffmann. 2024. "Exchange Rate Pass-Through: Evidence from a Survey Experiment." AEA RCT Registry. December 09. https://doi.org/10.1257/rct.14918-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2025-01-01
Intervention End Date
2025-03-31

Primary Outcomes

Primary Outcomes (end points)
Firms' price setting plans under a hypothetical exchange rate movement
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
We conduct a survey with four vignettes about exchange rate movements to study the impact of exchange rate movements on firms’ prices. Each vignette features a different hypothetical exchange rate movement over a certain horizon.
Experimental Design Details
Not available
Randomization Method
randomisation done in office by computer
Randomization Unit
firm
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
9,000 firms
Sample size: planned number of observations
9,000 firms
Sample size (or number of clusters) by treatment arms
2,250 firms per vignette
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number
Analysis Plan