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State-Dependent Pass-Through with Heterogeneous Exposure to Common Shocks
We study state-dependent pass-through using the recent surge in energy cost as a natural experiment. The empirical analysis exploits data on firms‘ exposure to energy-driven cost shocks, matched with firm and product-level output prices from the French Producer Price Index (PPI). Pass-through of energy cost shocks increased from 70% before the energy crisis to full pass-through in 2021-2022. The pass-through of energy shocks is also found higher among the most exposed firms. A state-dependent model ？ la Cavallo et al. (2024) augmented with heterogeneous exposure to energy price shocks can replicate these patterns. The model is used to show how heterogeneity in firms‘ exposure to common shocks affects the aggregate response of the economy to a macro supply shock.
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