«Exchange rate pass-through and inflation eine nicht-lineare time series analysis» . «Exchange rate pass-through and inflation eine nicht-lineare time series analysis».

Exchange rate pass-through - English-Spanish Dictionary

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(PDF) Exchange Rate Pass-Through Into Import Prices In Developing...

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Has Exchange Rate Pass-Through Really Declined? Some Recent...

But how much of a risk to inflation is posed by a depreciation of the domestic currency? This depends on how much of the falling value of the currency is passed through to import prices and then on to overall consumer prices. In my remarks today, I will discuss what recent economic research tells us about exchange rate pass-through and what this suggests for the control of inflation and monetary policy. I will first focus on exchange rate pass-through from a macroeconomic perspective and then examine the microeconomic evidence. In light of this evidence, I will then discuss the implications of exchange rate movements on the conduct of monetary policy. 6

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Exchange-rate movements have always had less of an effect on US import prices than on other countries&rsquo import prices because roughly 95 percent 6 of the goods coming into the United States are priced in dollars, not in foreign currencies, making them impervious to the vicissitudes of exchange rates. International trade in standardized commodities, such as agricultural and petroleum products, and goods sold in highly competitive markets is typically denominated in dollars, even when that trade does not involve Americans. In contrast, international trade in diverse manufactured goods, where price competition is less rigorous, tends to be set in the exporters' currencies. How exchange-rate changes affect these goods depends on the producers&rsquo responses. As demand shifts from the United States to foreign-made products, foreign manufacturers may boost their prices, offsetting the exchange-rate effects to US consumers. How producers respond depends on many industry-specific factors, notably capacity utilization, but the larger and the more persistent the exchange-rate change, the more likely producers will respond.


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Several empirical studies suggest that exchange rate pass-through has declined in recent years among industrialized countries. Results for Canada also indicate that import and consumer prices have become less responsive to exchange-rate movements in the 1990s. The exchange-rate pass-through estimates were found to be low ( for all imports excluding oil and for consumer goods).