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首页> 外文期刊>Atlantic economic journal >Exchange Rates and Concurrent Leasing and Selling in Durable-Goods Monopoly
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Exchange Rates and Concurrent Leasing and Selling in Durable-Goods Monopoly

机译：汇率与耐用品垄断的同时租赁和出售

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摘要

Theoretical durable-goods models suggest that a monopolist will prefer to lease rather than sell units of output due to the seller's commitment problem with potential buyers. However, many monopolistic durable-goods manufactures are commonly observed simultaneously leasing and selling output. We provide a theoretical rationale for this observed behavior in firms engaged in trade with a foreign country. In a simple two-period setting we show that a foreign durable-goods monopolist will concurrently lease and sell output if the expected future exchange rate is lower than the current rate. With this concurrent strategy the firm earns higher profit than a pure rental or sales regime. Additionally, our model provides additional theoretical underpinnings for the empirical finding that increases in expected future exchange rates increase the current sales price of durable products. Finally, our analysis examines the role of product durability in determining exchange rate pass-though to domestic prices.
机译：理论上的耐用品模型表明，由于卖方对潜在买方的承诺问题，垄断者宁愿租赁而不是出售产出单位。但是，通常会观察到许多垄断性的耐用品制造商同时租赁和出售产品。我们为这种观察到的在与外国进行贸易的公司中的行为提供了理论依据。在一个简单的两期间设置中，我们表明，如果预期的未来汇率低于当前汇率，则外国耐用品垄断者将同时租赁和出售产出。通过这种并发策略，该公司比纯租金或销售方式获得更高的利润。此外，我们的模型为经验发现提供了额外的理论基础，即预期未来汇率的上升会增加耐用品的当前销售价格。最后，我们的分析检验了产品耐用性在确定汇率传递到国内价格中的作用。

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