Exchange rate pass-through, domestic competition, and inflation: evidence from the 2005/08 revaluation of the renminbi
This paper quantifies the effect of the government-controlled appreciation of the Chinese renminbi (RMB) vis-à-vis the USD from 2005 to 2008 on the prices charged by US producers. As the RMB during that time was pegged to a basket of currencies, the empirical strategy must account for the fact that...
Gespeichert in:
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Zurich
Swiss National Bank
2012
|
| Schriftenreihe: | Swiss National Bank working papers
2012,1 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper quantifies the effect of the government-controlled appreciation of the Chinese renminbi (RMB) vis-à-vis the USD from 2005 to 2008 on the prices charged by US producers. As the RMB during that time was pegged to a basket of currencies, the empirical strategy must account for the fact that the currencies included in the basket may have directly affected US prices. Thus, the pre-2005 period is used to filter out the effects of other exchange rates on import and producer prices. Additionally, utilizing the remainder of the sample, the pure effect of an RMB appreciation on US import prices and, in turn, the effect of RMB-induced US import price fluctuations on US producer prices is established. In a panel spanning the period from 1994 to 2010 and including 417 manufacturing sectors, the main finding emerging from this empirical strategy is that import prices pass into producer prices at an average rate of 0.7. This finding supports the view that the markets for domestic and imported manufactured goods are well integrated. Consequently, even if the exchange rate affects import prices only to a small extent, it may have a substantial impact on inflation, as it exerts a sizeable impact on the competitive environment of domestic producers and the prices that they charge. |
| Beschreibung: | Online-Ausg. im Internet |
| Beschreibung: | 36 S. graph. Darst. |
Internformat
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| 245 | 1 | 0 | |a Exchange rate pass-through, domestic competition, and inflation |b evidence from the 2005/08 revaluation of the renminbi |c Raphael A. Auer |
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| 520 | 8 | |a This paper quantifies the effect of the government-controlled appreciation of the Chinese renminbi (RMB) vis-à-vis the USD from 2005 to 2008 on the prices charged by US producers. As the RMB during that time was pegged to a basket of currencies, the empirical strategy must account for the fact that the currencies included in the basket may have directly affected US prices. Thus, the pre-2005 period is used to filter out the effects of other exchange rates on import and producer prices. Additionally, utilizing the remainder of the sample, the pure effect of an RMB appreciation on US import prices and, in turn, the effect of RMB-induced US import price fluctuations on US producer prices is established. In a panel spanning the period from 1994 to 2010 and including 417 manufacturing sectors, the main finding emerging from this empirical strategy is that import prices pass into producer prices at an average rate of 0.7. This finding supports the view that the markets for domestic and imported manufactured goods are well integrated. Consequently, even if the exchange rate affects import prices only to a small extent, it may have a substantial impact on inflation, as it exerts a sizeable impact on the competitive environment of domestic producers and the prices that they charge. | |
| 830 | 0 | |a Swiss National Bank working papers |v 2012,1 |w (DE-604)BV023049745 |9 2012,1 | |
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| 912 | |a ebook | ||
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| bvnumber | BV040363114 |
| collection | ebook |
| ctrlnum | (OCoLC)793322861 (DE-599)GBV715996126 |
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| id | DE-604.BV040363114 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:22:30Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025216928 |
| oclc_num | 793322861 |
| open_access_boolean | |
| owner | DE-19 DE-BY-UBM |
| owner_facet | DE-19 DE-BY-UBM |
| physical | 36 S. graph. Darst. |
| psigel | ebook |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | Swiss National Bank |
| record_format | marc |
| series | Swiss National Bank working papers |
| series2 | Swiss National Bank working papers |
| spelling | Auer, Raphael A. 1978- Verfasser (DE-588)1022159526 aut Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi Raphael A. Auer Zurich Swiss National Bank 2012 36 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Swiss National Bank working papers 2012,1 Online-Ausg. im Internet This paper quantifies the effect of the government-controlled appreciation of the Chinese renminbi (RMB) vis-à-vis the USD from 2005 to 2008 on the prices charged by US producers. As the RMB during that time was pegged to a basket of currencies, the empirical strategy must account for the fact that the currencies included in the basket may have directly affected US prices. Thus, the pre-2005 period is used to filter out the effects of other exchange rates on import and producer prices. Additionally, utilizing the remainder of the sample, the pure effect of an RMB appreciation on US import prices and, in turn, the effect of RMB-induced US import price fluctuations on US producer prices is established. In a panel spanning the period from 1994 to 2010 and including 417 manufacturing sectors, the main finding emerging from this empirical strategy is that import prices pass into producer prices at an average rate of 0.7. This finding supports the view that the markets for domestic and imported manufactured goods are well integrated. Consequently, even if the exchange rate affects import prices only to a small extent, it may have a substantial impact on inflation, as it exerts a sizeable impact on the competitive environment of domestic producers and the prices that they charge. Swiss National Bank working papers 2012,1 (DE-604)BV023049745 2012,1 http://www.snb.ch/n/mmr/reference/working_paper_2012_01/source Verlag kostenfrei Volltext |
| spellingShingle | Auer, Raphael A. 1978- Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi Swiss National Bank working papers |
| title | Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi |
| title_auth | Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi |
| title_exact_search | Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi |
| title_full | Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi Raphael A. Auer |
| title_fullStr | Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi Raphael A. Auer |
| title_full_unstemmed | Exchange rate pass-through, domestic competition, and inflation evidence from the 2005/08 revaluation of the renminbi Raphael A. Auer |
| title_short | Exchange rate pass-through, domestic competition, and inflation |
| title_sort | exchange rate pass through domestic competition and inflation evidence from the 2005 08 revaluation of the renminbi |
| title_sub | evidence from the 2005/08 revaluation of the renminbi |
| url | http://www.snb.ch/n/mmr/reference/working_paper_2012_01/source |
| volume_link | (DE-604)BV023049745 |
| work_keys_str_mv | AT auerraphaela exchangeratepassthroughdomesticcompetitionandinflationevidencefromthe200508revaluationoftherenminbi |