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 th...
Gespeichert in:
| 1. Verfasser: | |
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| Körperschaft: | |
| Weitere Verfasser: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund, Institute for Capacity Development,
2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/226. |
| Schlagworte: | |
| Online-Zugang: | 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 passthrough. 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."--Abstract |
| Beschreibung: | "September 2012." |
| Beschreibung: | 1 online resource (34 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475589801 1475589808 1475552408 9781475552409 |
| ISSN: | 2227-8885 ; |
Internformat
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| 245 | 1 | 4 | |a The exchange rate pass-through to import and export prices : |b the role of nominal rigidities and currency choice / |c Ehsan U. Choudhri and Dalia S. Hakura. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, Institute for Capacity Development, |c 2012. | ||
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| 520 | |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 passthrough. 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."--Abstract | ||
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Empirical Evidence; III. The Model; A. Basic Setup; B. Key Relations; IV. Quantitative Analysis; A. Key Determinants of the Pass-Through to Trade Prices; B. Currency of Invoicing and the Pass-Through; V. Concluding Remarks; References; Tables; 1. OLS Regressions: Impact of Exchange Rate Changes on Trade Prices, 1979-2010; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate, 1979-2010; 3. Pass-Through Elasticities for Different Shocks. | |
| 505 | 8 | |a 4. Wage-Price Stickiness, Exchange Rate Persistence, Inflation Reaction and the Pass-Through5. Stochastic Simulations; 6. Invoicing Currency Shares and the Pass-Through; Figures; 1. Regression and VAR Estimates of the Pass-Through; 2. Impulse Response Functions; 3. PCP Shares and the Pass-Through; Appendix Tables; 1. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1985-1997; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1998-2010. | |
| 546 | |a English. | ||
| 650 | 0 | |a Foreign exchange rates |x Econometric models. | |
| 650 | 0 | |a Imports |x Econometric models. | |
| 650 | 0 | |a Exports |x Econometric models. | |
| 650 | 6 | |a Taux de change |x Modèles économétriques. | |
| 650 | 6 | |a Importations |x Modèles économétriques. | |
| 650 | 6 | |a Exportations |x Modèles économétriques. | |
| 650 | 6 | |a Prix. | |
| 650 | 7 | |a prices. |2 aat | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Exports |x Econometric models |2 fast | |
| 650 | 7 | |a Foreign exchange rates |x Econometric models |2 fast | |
| 650 | 7 | |a Imports |x Econometric models |2 fast | |
| 700 | 1 | |a Hakura, Dalia S. |0 http://id.loc.gov/authorities/names/no2010104633 | |
| 710 | 2 | |a International Monetary Fund. |b Institute for Capacity Development. |0 http://id.loc.gov/authorities/names/no2012075144 | |
| 776 | 0 | 8 | |i Print Version: |z 9781475589801 |
| 830 | 0 | |a IMF working paper ; |v WP/12/226. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| author | Choudhri, Ehsan U. |
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| author_corporate | International Monetary Fund. Institute for Capacity Development |
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| contents | Cover; Contents; I. Introduction; II. Empirical Evidence; III. The Model; A. Basic Setup; B. Key Relations; IV. Quantitative Analysis; A. Key Determinants of the Pass-Through to Trade Prices; B. Currency of Invoicing and the Pass-Through; V. Concluding Remarks; References; Tables; 1. OLS Regressions: Impact of Exchange Rate Changes on Trade Prices, 1979-2010; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate, 1979-2010; 3. Pass-Through Elasticities for Different Shocks. 4. Wage-Price Stickiness, Exchange Rate Persistence, Inflation Reaction and the Pass-Through5. Stochastic Simulations; 6. Invoicing Currency Shares and the Pass-Through; Figures; 1. Regression and VAR Estimates of the Pass-Through; 2. Impulse Response Functions; 3. PCP Shares and the Pass-Through; Appendix Tables; 1. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1985-1997; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1998-2010. |
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| dewey-full | 332.4/5 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4/5 |
| dewey-search | 332.4/5 |
| dewey-sort | 3332.4 15 |
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| discipline | Wirtschaftswissenschaften |
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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."--Abstract</subfield></datafield><datafield tag="504" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references.</subfield></datafield><datafield tag="505" ind1="0" ind2=" "><subfield code="a">Cover; Contents; I. Introduction; II. Empirical Evidence; III. The Model; A. Basic Setup; B. Key Relations; IV. Quantitative Analysis; A. Key Determinants of the Pass-Through to Trade Prices; B. Currency of Invoicing and the Pass-Through; V. Concluding Remarks; References; Tables; 1. OLS Regressions: Impact of Exchange Rate Changes on Trade Prices, 1979-2010; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate, 1979-2010; 3. Pass-Through Elasticities for Different Shocks.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">4. Wage-Price Stickiness, Exchange Rate Persistence, Inflation Reaction and the Pass-Through5. Stochastic Simulations; 6. Invoicing Currency Shares and the Pass-Through; Figures; 1. Regression and VAR Estimates of the Pass-Through; 2. Impulse Response Functions; 3. PCP Shares and the Pass-Through; Appendix Tables; 1. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1985-1997; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1998-2010.</subfield></datafield><datafield tag="546" ind1=" " ind2=" "><subfield code="a">English.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Foreign exchange rates</subfield><subfield code="x">Econometric models.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Imports</subfield><subfield code="x">Econometric models.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Exports</subfield><subfield code="x">Econometric models.</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Taux de change</subfield><subfield code="x">Modèles économétriques.</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Importations</subfield><subfield code="x">Modèles économétriques.</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Exportations</subfield><subfield code="x">Modèles économétriques.</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Prix.</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">prices.</subfield><subfield code="2">aat</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS</subfield><subfield code="x">Finance.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Exports</subfield><subfield code="x">Econometric models</subfield><subfield code="2">fast</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Foreign exchange rates</subfield><subfield code="x">Econometric models</subfield><subfield code="2">fast</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Imports</subfield><subfield code="x">Econometric models</subfield><subfield code="2">fast</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Hakura, Dalia S.</subfield><subfield code="0">http://id.loc.gov/authorities/names/no2010104633</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">International Monetary Fund.</subfield><subfield code="b">Institute for Capacity Development.</subfield><subfield code="0">http://id.loc.gov/authorities/names/no2012075144</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Print Version:</subfield><subfield code="z">9781475589801</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">IMF working paper ;</subfield><subfield code="v">WP/12/226.</subfield><subfield code="0">http://id.loc.gov/authorities/names/no89010263</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-4-EBA</subfield><subfield code="q">FWS_PDA_EBA</subfield><subfield code="u">https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568202</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">ebrary</subfield><subfield code="b">EBRY</subfield><subfield code="n">ebr10627103</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">EBSCOhost</subfield><subfield code="b">EBSC</subfield><subfield code="n">568202</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">YBP Library Services</subfield><subfield code="b">YANK</subfield><subfield code="n">10691600</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">YBP Library Services</subfield><subfield code="b">YANK</subfield><subfield code="n">9927261</subfield></datafield><datafield tag="994" ind1=" " ind2=" "><subfield code="a">92</subfield><subfield code="b">GEBAY</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-4-EBA</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-4-EBA-ocn809826549 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-27T13:24:56Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no2012075144 |
| isbn | 9781475589801 1475589808 1475552408 9781475552409 |
| issn | 2227-8885 ; |
| language | English |
| oclc_num | 809826549 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (34 pages) |
| psigel | ZDB-4-EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, Institute for Capacity Development, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper, |
| spelling | Choudhri, Ehsan U., author. http://id.loc.gov/authorities/names/n89614008 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, Institute for Capacity Development, 2012. 1 online resource (34 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 text file rdaft http://rdaregistry.info/termList/fileType/1002 IMF working paper, 2227-8885 ; WP/12/226 "September 2012." "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 passthrough. 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."--Abstract Includes bibliographical references. Cover; Contents; I. Introduction; II. Empirical Evidence; III. The Model; A. Basic Setup; B. Key Relations; IV. Quantitative Analysis; A. Key Determinants of the Pass-Through to Trade Prices; B. Currency of Invoicing and the Pass-Through; V. Concluding Remarks; References; Tables; 1. OLS Regressions: Impact of Exchange Rate Changes on Trade Prices, 1979-2010; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate, 1979-2010; 3. Pass-Through Elasticities for Different Shocks. 4. Wage-Price Stickiness, Exchange Rate Persistence, Inflation Reaction and the Pass-Through5. Stochastic Simulations; 6. Invoicing Currency Shares and the Pass-Through; Figures; 1. Regression and VAR Estimates of the Pass-Through; 2. Impulse Response Functions; 3. PCP Shares and the Pass-Through; Appendix Tables; 1. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1985-1997; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1998-2010. English. Foreign exchange rates Econometric models. Imports Econometric models. Exports Econometric models. Taux de change Modèles économétriques. Importations Modèles économétriques. Exportations Modèles économétriques. Prix. prices. aat BUSINESS & ECONOMICS Finance. bisacsh Exports Econometric models fast Foreign exchange rates Econometric models fast Imports Econometric models fast Hakura, Dalia S. http://id.loc.gov/authorities/names/no2010104633 International Monetary Fund. Institute for Capacity Development. http://id.loc.gov/authorities/names/no2012075144 Print Version: 9781475589801 IMF working paper ; WP/12/226. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568202 Volltext |
| spellingShingle | Choudhri, Ehsan U. The exchange rate pass-through to import and export prices : the role of nominal rigidities and currency choice / IMF working paper ; Cover; Contents; I. Introduction; II. Empirical Evidence; III. The Model; A. Basic Setup; B. Key Relations; IV. Quantitative Analysis; A. Key Determinants of the Pass-Through to Trade Prices; B. Currency of Invoicing and the Pass-Through; V. Concluding Remarks; References; Tables; 1. OLS Regressions: Impact of Exchange Rate Changes on Trade Prices, 1979-2010; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate, 1979-2010; 3. Pass-Through Elasticities for Different Shocks. 4. Wage-Price Stickiness, Exchange Rate Persistence, Inflation Reaction and the Pass-Through5. Stochastic Simulations; 6. Invoicing Currency Shares and the Pass-Through; Figures; 1. Regression and VAR Estimates of the Pass-Through; 2. Impulse Response Functions; 3. PCP Shares and the Pass-Through; Appendix Tables; 1. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1985-1997; 2. VAR: First Quarter Trade Price Response to a One Percent Change in the Exchange Rate 1998-2010. Foreign exchange rates Econometric models. Imports Econometric models. Exports Econometric models. Taux de change Modèles économétriques. Importations Modèles économétriques. Exportations Modèles économétriques. Prix. prices. aat BUSINESS & ECONOMICS Finance. bisacsh Exports Econometric models fast Foreign exchange rates Econometric models fast Imports Econometric models fast |
| 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_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 | 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 | Foreign exchange rates Econometric models. Imports Econometric models. Exports Econometric models. Taux de change Modèles économétriques. Importations Modèles économétriques. Exportations Modèles économétriques. Prix. prices. aat BUSINESS & ECONOMICS Finance. bisacsh Exports Econometric models fast Foreign exchange rates Econometric models fast Imports Econometric models fast |
| topic_facet | Foreign exchange rates Econometric models. Imports Econometric models. Exports Econometric models. Taux de change Modèles économétriques. Importations Modèles économétriques. Exportations Modèles économétriques. Prix. prices. BUSINESS & ECONOMICS Finance. Exports Econometric models Foreign exchange rates Econometric models Imports Econometric models |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568202 |
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