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Exchange Rates and Import Prices in the United States: A Varying-Parameter Estimation of Exchange-Rate Pass-Through

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  • Kim, Yoonbai

Abstract

This 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 Info

Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 8 (1990)
Issue (Month): 3 (July)
Pages: 305-15

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Handle: RePEc:bes:jnlbes:v:8:y:1990:i:3:p:305-15

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Cited by:
  1. Lourdes Moreno Martín & Diego Rodríguez Rodríguez, 2002. "Pricing to Market at firm level," European Economy Group Working Papers 17, European Economy Group.
  2. René Lalonde & Zhenhua Zhu & Frédérick Demers, 2003. "Forecasting and Analyzing World Commodity Prices," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 1-30, January-J.
  3. Lian An & Jian Wang, 2012. "Exchange Rate Pass-Through: Evidence Based on Vector Autoregression with Sign Restrictions," Open Economies Review, Springer, vol. 23(2), pages 359-380, April.
  4. 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.
  5. Prudence Serju, 2003. "Monetary Conditions and Core Inflation: an Application of Neural Networks," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 31-50, January-J.
  6. Hernán Rincón & Édgar Caicedo & Norberto Rodríguez, 2007. "Exchange Rate Pass-Through Effects:A Disaggregate Analysis Of Colombianimports Of Manufactured Goods," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  7. Kuo-Liang Wang & Chung-Shu Wu, 1996. "Exchange Rate Pass-through and Industry Characteristics: The Case of Taiwan's Exports of Midstream Petrochemical Products," NBER Working Papers 5749, National Bureau of Economic Research, Inc.
  8. Ayoub Yousefi, 2000. "Merchandise Trade Balances of Less Developed Countries and Exchange Rate of the U.S. Dollar: Cases of Iran, Venezuela & Saudi Arabia," Working Papers 00002, University of Waterloo, Department of Economics, revised Feb 2000.
  9. Víctor Tiberio Olivo, 2003. "Taylor Rules and Inflation Targeting do not Work with Systematic Foreign Exchange Market Intervention," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 51-67, January-J.
  10. Carlos José García & Jorge Enrique Restrepo, 2001. "Price Inflation and Exchange Rate Pass-Through in Chile," Working Papers Central Bank of Chile 128, Central Bank of Chile.
  11. Yung Yang, 1991. "Structural change in the U.S. import prices of manufactures," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(2), pages 323-342, June.
  12. Carlos José García T. & Jorge Enrique Restrepo, 2003. "Price Inflation and Exchange Rate Pass-Trough in Chile," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 69-88, January-J.

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