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1 edition of Exchange rate pass-through in Spain. found in the catalog.

Exchange rate pass-through in Spain.

Exchange rate pass-through in Spain.

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Published by International Monetary Fund in Washington, D.C .
Written in English


Edition Notes

Includes bibliographical references.

SeriesIMF working paper -- WP/96/114
ContributionsInternational Monetary Fund.
The Physical Object
Paginationiii, 23 p. ;
Number of Pages23
ID Numbers
Open LibraryOL16765798M

equally important in determining the recent exchange rate pass-through in the United States. Apart from the determinants of exchange rate pass-through, another issue that has been highlighted in recent studies is that exchange rate pass-through can be underestimated due to mis-measurement of Cited by: 6. Going out of a limb—and it's a slim one at that—pass-through in the Unites States seems to have been less than 60 percent on average since the inception of floating exchange rates in Moreover, pass-through in the United States seems low relative to other industrialized by: 5.

While exchange rate pass-through has long been of interest, the focus of this interest has evolved considerably over time. After a long period of debate over the law of one price and convergence across countries, beginning in the late s exchange rate pass-through. The degree of the exchange rate pass. Exchange Rate Pass-Through in the Euro Area. Rajmund Mirdala1. Time-varying exchange rate pass-through effects to domestic prices under fixed euro exchange rate perspective represent one of the most challenging implications of the common currency. The problem is even more crucial whenAuthor: Rajmund Mirdala.

Downloadable! This study uses two different econometric frameworks to study exchange rate passthrough to import, producer and consumer prices in Colombia. Both frameworks are based on vector autoregressive (VAR) models, the first using an unrestricted VAR model, and the second using the Johansen framework of multivariate cointegration. Exchange rate pass-through is shown to be . 1Frankel, Parsley, and Wei study exchange rate pass-through to the prices of eight narrowly defined imported goods, while the other papers focus on exchange rate pass-through to broader measures of import prices. 2Bussiere () has also done work along these lines. He .


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Exchange rate pass-through in Spain Download PDF EPUB FB2

Exchange Rate Pass-Through in Spain This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the Exchange Rate Mechanism (ERM) crisis.

23 rows  Exchange-rate pass-through (ERPT) is a measure of how responsive international prices are. Economists have noted that the pass-through of exchange-rate changes to import prices, both in the United States and in many other countries, has declined over the past 40 years.

They attribute this trend in large part to a decline in global inflation, which has bolstered central-bank Exchange rate pass-through in Spain. book and has lessened exchange-rate : Owen F. Humpage, Timothy Stehulak.

This book provides new insights into the South African economy in terms of changes in the sizes of second-round effects, prevalence of time varying exchange rate pass-through to consumer inflation, and exploring the role of monetary and fiscal policy.

Get this from a library. Exchange rate pass-through in Spain. [Zuzana Murgasova; International Monetary Fund. African Department,] -- Annotation This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the Exchange Rate Mechanism.

The authors elaborate the roles in inflation of thresholds, nonlinearities and asymmetries introduced by economic conditions such as the size of exchange rate changes and volatility, GDP growth, inflation, output gap, credit growth, sovereign spreads and fiscal policy, providing new policy evidence on.

Quantifying the size and speed of the exchange rate pass-through to prices is important for formulating monetary policy decisions in Romania. Using a recursive VAR model, this paper finds that (i) the pass-through is large and relatively fast, accounting for a sizable fraction of inflation; (ii) the pass-through from the exchange rate against the U.S.

dollar is larger, if not faster, than the. This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the Exchange Rate Mechanism (ERM) crisis.

The long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method. This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the Exchange Rate Mechanism (ERM) crisis.

The long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method.

The short-run dynamics are Cited by: 3. exchange rate pass-through—a feature that has strong empirical support for a large number of economies, including the euro area.3 With nominal rigidity and local currency pricing (LCP), destination prices can change very little in the face of exchange rate variation.4 With pricing-to-market behavior, segmented markets.

extensive cross-country and time-series evidence on exchange rate pass-through into the import prices of twenty-three OECD countries.

Using quarterly data from throughwe estimate pass-through elasticities after appropriately controlling for shifts in exporter marginal costs and demand conditions.

Our cross-country evidence is strongly. Exchange rate pass-through as the relationship between exchange rate movement and price adjustment s of traded goods came to the center in academic and policy circles (Lian, ).

Downloadable. In this paper we analyse the exchange rate pass-through (ERPT) in the euro area as a whole and for four euro area members - Germany, France, Italy and Spain. For that purpose we use Bayesian VARs with identi?cation based on a combination of zero and sign restrictions.

Our results emphasize that pass-through in the euro area is not constant over time - it may depend on a Cited by: 3. policy and for exchange rate pass-through. We show, using novel data on currency and prices for U.S. imports, that even conditional on a price change, there is a large difier-ence in the pass-through of the average good priced in dollars (25%) versus non-dollars (95%).

We document this to be the case across countries and within disaggregated. The degree of pass-through decreased significantly between our earliest and latest year samples. 24 For example, in France, the exchange rate sensitivity of import prices was more than % in.

The interest in exchange rate pass-through (ERPT) in developing and emerging market (DEM) countries has burgeoned in the last two decades. By contrast, in the earlier comprehensive empirical survey of ERPT by Menon (), the majority of studies covered industrialised countries – largely the US, Japan and European countries – with only a handful of less developed countries.

Exchange rate pass-through into euro area inflation 2 producer prices and then consumer prices, and depends, inter alia, on the pricing behaviour of domestic firms. The latter might pass on the increase in costs resulting from the euro depreciation in order to keep mark-ups and profits constant, or they.

Working Paper Series. Exchange rate pass-through in the euro area. Task force on low inflation (LIFT) Mariarosaria Comunale, Davor Kunovac. Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB.

Understanding Changes in Exchange Rate Pass-Through Yelena F. Takhtamanova1 Federal Reserve Bank of San Francisco First Draft: July This Draft: February Abstract Recent research suggests that there has been a decline in the extent to which firms “pass through” changes in exchange rates to prices.

Beyond providing further evidence inFile Size: KB. 8 Jaehwa Lee, Exchange Rate Pass-Through into Export and Import Prices: Bounds Testing Analysis of the Case of Korea, The Journal of International Trade & Commerce,10, 2, CrossRef 9 Janine Aron, Introduction to a Special Section on ‘Exchange Rate Pass-through in Developing and Emerging Markets’, The Journal of Development Studies.

Highlights This paper estimates exchange rate pass-through from to for Latin America. ERPT is declining for the last decade. Monetary policy stability, inflation rate, trade openness positively affect ERPT. Exchange rate regimes are captured by constructing de facto flexibility index.

ERPT rates have a negative impact on exchange rate by: determinants, and characteristics of the (medium-run) exchange rate pass-through. The average degree of an economy’s exchange rate pass-through is typically found to vary between (a 10% appreciation in the exporter’s exchange rate is associated with a 4% rise in export prices) and 1 for mostCited by: 2.The analysis of exchange rate pass-through is conducted in two stages.

First, it seeks to establish the degree to which Australian dollar (AUD) import prices of total manufactures and 50 product categories contained therein have responded to the massive fluctuations in the AUD during the : Springer-Verlag Berlin Heidelberg.