The exchange rate pass-through to import and export prices: the role of nominal rigidities and currency choice
Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that whi...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/226 |
| Schlagworte: | |
| Online-Zugang: | BSB01 FAN01 FAW01 FAW02 FHA01 FKE01 FLA01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 Volltext |
| Zusammenfassung: | Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that while local currency pricing is needed to account for incomplete import price pass-through, it would not imply a lower export price pass-through. Recent explanations of this puzzle have emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the presence of both producer and local currency pricing. Using a dynamic general equilibrium model, the paper shows that a mix of producer and local currency pricing can explain the pass-through evidence even with a constant markup. The model can also explain the observed exchange rate and inflation variability as well as the fact that the regression and VAR estimates tend to be similar |
| Beschreibung: | 1 Online-Ressource (34 Seiten) |
| ISBN: | 1475510233 9781475510232 9781475589801 1475589808 9781475580617 1475580614 |
| ISSN: | 1018-5941 |
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| 520 | 3 | |a Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that while local currency pricing is needed to account for incomplete import price pass-through, it would not imply a lower export price pass-through. Recent explanations of this puzzle have emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the presence of both producer and local currency pricing. Using a dynamic general equilibrium model, the paper shows that a mix of producer and local currency pricing can explain the pass-through evidence even with a constant markup. The model can also explain the observed exchange rate and inflation variability as well as the fact that the regression and VAR estimates tend to be similar | |
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| author | Choudhri, Ehsan U. 1941- |
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| dewey-sort | 3332.4 15 |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
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| id | DE-604.BV048358306 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:14:04Z |
| indexdate | 2024-07-10T09:35:52Z |
| institution | BVB |
| institution_GND | (DE-588)1013082-2 |
| isbn | 1475510233 9781475510232 9781475589801 1475589808 9781475580617 1475580614 |
| issn | 1018-5941 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033737542 |
| oclc_num | 809826549 1337124922 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM DE-1046 DE-1047 |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM DE-1046 DE-1047 |
| physical | 1 Online-Ressource (34 Seiten) |
| psigel | ZDB-1-IMF ZDB-4-EBA ZDB-30-PAD ZDB-30-PBE ZDB-4-EBA FAW_PDA_EBA ZDB-4-EBA FLA_PDA_EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Choudhri, Ehsan U. 1941- Verfasser (DE-588)170330532 aut The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice Ehsan U. Choudhri and Dalia S. Hakura Washington, D.C International Monetary Fund 2012 1 Online-Ressource (34 Seiten) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/226 1018-5941 Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that while local currency pricing is needed to account for incomplete import price pass-through, it would not imply a lower export price pass-through. Recent explanations of this puzzle have emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the presence of both producer and local currency pricing. Using a dynamic general equilibrium model, the paper shows that a mix of producer and local currency pricing can explain the pass-through evidence even with a constant markup. The model can also explain the observed exchange rate and inflation variability as well as the fact that the regression and VAR estimates tend to be similar Online-Ausg Exports / Econometric models fast Foreign exchange rates / Econometric models fast Imports / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Foreign exchange rates Econometric models Imports Econometric models Exports Econometric models Exchange rate pass-through Prices Hakura, Dalia S. Sonstige (DE-588)171284402 oth Internationaler Währungsfonds Sonstige (DE-588)1013082-2 oth http://elibrary.imf.org/view/IMF001/13101-9781475510232/13101-9781475510232/13101-9781475510232.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Choudhri, Ehsan U. 1941- The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice Exports / Econometric models fast Foreign exchange rates / Econometric models fast Imports / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Foreign exchange rates Econometric models Imports Econometric models Exports Econometric models Exchange rate pass-through Prices |
| title | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice |
| title_auth | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice |
| title_exact_search | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice |
| title_exact_search_txtP | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice |
| title_full | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice Ehsan U. Choudhri and Dalia S. Hakura |
| title_fullStr | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice Ehsan U. Choudhri and Dalia S. Hakura |
| title_full_unstemmed | The exchange rate pass-through to import and export prices the role of nominal rigidities and currency choice Ehsan U. Choudhri and Dalia S. Hakura |
| title_short | The exchange rate pass-through to import and export prices |
| title_sort | the exchange rate pass through to import and export prices the role of nominal rigidities and currency choice |
| title_sub | the role of nominal rigidities and currency choice |
| topic | Exports / Econometric models fast Foreign exchange rates / Econometric models fast Imports / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Foreign exchange rates Econometric models Imports Econometric models Exports Econometric models Exchange rate pass-through Prices |
| topic_facet | Exports / Econometric models Foreign exchange rates / Econometric models Imports / Econometric models BUSINESS & ECONOMICS / Finance Wirtschaft Ökonometrisches Modell Foreign exchange rates Econometric models Imports Econometric models Exports Econometric models Exchange rate pass-through Prices |
| url | http://elibrary.imf.org/view/IMF001/13101-9781475510232/13101-9781475510232/13101-9781475510232.xml |
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