Prof. Raphael Schoenle presented three of his research papers at the annual meetings of the Allied Social Science Associations (ASSA), January 3-6, 2013.


Participants are generally invited into sessions, and only about a third of all of the sessions proposed for the AEA are actually accepted. So, having three papers invited into sessions and having those three sessions accepted is an accomplishment!

The research papers presented by Professor Schoenle are as follows:

The first paper, “Inflation Dynamics during the Financial Crisis” (written jointly with Simon Gilchrist, Jae Sim and Egon Zakrajsek) investigates the effect of financial conditions on price-setting behavior during the 2008-2009 financial crisis. Using confidential, individual producer prices from the Bureau of Labor Statistics, the analysis finds strong evidence that at the peak of the crisis firms
with relatively weak balance sheets increased prices while firms with strong balance sheets lowered their prices. The paper then explores the implications of financial distortions on price-setting and aggregate dynamics within the context of a New Keynesian framework.

The second paper, “Market Structure and Exchange Rate Pass-Through” (written jointly with Raphael Auer, Swiss National Bank; presentation invited by the International Economic & Finance Society), examines the extent to which market structure affects import pricing decisions of profit-maximizing firms. The research can explain incomplete exchange rate pass-through, both theoretically and empirically.

The third paper, “The Mode of Competition between Foreign and Domestic Goods, Pass-Through, and External Adjustment” (written jointly with Raphael Auer, Swiss National Bank), analyzes the importance of
competition between foreign and domestic firms. The analysis makes
both a theoretical and an empirical contribution to our understanding
of pricing to market decisions of competing firms, the response of
domestic prices to import price fluctuations, and for external
adjustment following exchange rate movements.

All papers were given in sessions with discussants, who included
Robert Vigfusson (Board of Governors, second and third papers), and
James Kahn (Yeshiva University).


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