Exchange Rates and Import Prices in the United States: A Varying-Parameter Estimation of Exchange-Rate Pass-Through
AbstractThis article estimates the import-price function in the United States using a varying-parameter model. The results show that the short-run nonoil import-price changes have become relatively less responsive to exchange-rate changes than to foreign-cost changes since the generalized floating began in the early 1970s. Concomitantly, the markup has varied significantly, falling when the dollar fell and rising when it rose. Thus "pricing to market" is confirmed even for overall U.S. imports.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 8 (1990)
Issue (Month): 3 (July)
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- Menzie David Chinn, 1991. "Beware of econometricians bearing estimates: Policy analysis in a “unit root” world," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 10(4), pages 546-567.
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