题目：Energy Prices, Pass-Through, and Incidence in U.S. Manufacturing (Joint with Sharat Ganapati and Joseph Shapiro)

主讲人：Reed Walker 助理教授(University of California, Berkeley)

时间：2016年6月24日下午15:30

地点：主楼六层会议室

主讲人简介：

    Reed Walker is an assistant professor of Economics and Business and Public Policy at the University of California. His research explores the social costs of environmental externalities such as air pollution and how regulations to limit these externalities contribute to welfare gains and/or losses in various factor and product markets. He received his PhD in economics from Columbia University.
    His articles appear in  economics journals such as American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies. (https://w-reed-walker.com/)

内容简介：

    This paper studies how increases in energy input costs for production are split between consumers and producers via changes in product prices (i.e., pass-through). We show that in markets characterized by imperfect competition, marginal cost pass-through, a demand elasticity, and a price-cost markup are sufficient to characterize the relative change in welfare between producers and consumers due to a change in input costs. We find that increases in energy prices lead to higher plant-level marginal costs and output prices but lower markups. This suggests that marginal cost pass-through is incomplete, with estimates centered around 0.7. Our confidence intervals reject both zero pass-through and complete pass-through. We find heterogenous incidence of changes in input prices across industries, though in all industries consumers bear a smaller share of the burden than standards methods suggest.

（承办：能源与环境政策研究中心，科研与学术交流中心）