Exchange rate pass-through into import prices

• 成果类型: Article
• 署名作者: Campa, JM; Goldberg, LS
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/003465305775098189
• 发表日期: 2005-11
• 页码: 679-690
• 关键词: structural-change; monetary-policy; parameter; MARKET; tests

摘要

We provide cross-country and time series evidence on the extent of exchange rate pass-through into the import prices of 23 OECD countries. We find compelling evidence of partial pass-through in the short run, especially within manufacturing industries. Over the long run, producer currency pricing is more prevalent for many types of imported goods. Countries with higher rates of exchange rate volatility have higher pass-through elasticities, although macroeconomic variables have played a minor role in the evolution of pass-through elasticities over time. Far more important for pass-through changes in these countries have been the dramatic shifts in the composition of country import bundles.