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Le pass-through du taux de change

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  • Sabiston, David R.

    (Département d’économie et de sciences politiques, Mont Royal College)

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    Abstract

    Following the demise of the Bretton Woods system, the poor predictive value of traditional elasticity models of exchange rates rekindled interest in the theoretical relationship between exchange rates and prices of internationally traded goods. This paper provides a critical survey of the emerging theoretical and empirical literature in exchange rate pass-through with the objective of offering guidance for future research. À la suite de la disparition du système de Bretton Woods, le taux de change flottant n’a pas joué son rôle prévu d’équilibrage; les balances commerciales des principales nations impliquées dans le commerce n’ont tout simplement pas répondu, selon les attentes, aux appréciations et dépréciations de la monnaie. La piètre valeur prophétique des modèles traditionnels de l’élasticité du taux de change a renouvelé l’intérêt dans le lien théorique entre les taux de change et les prix des biens commerciaux. Cet article présente une étude critique de la nouvelle documentation théorique et empirique portant sur le pass-through du taux de change dans le but de donner une ligne directrice aux recherches ultérieures.

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    Bibliographic Info

    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 77 (2001)
    Issue (Month): 3 (septembre)
    Pages: 425-454

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    Handle: RePEc:ris:actuec:v:77:y:2001:i:3:p:425-454

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    1. Pinelopi K. Goldberg & Michael M. Knetter, 1996. "Goods Prices and Exchange Rates: What Have We Learned?," NBER Working Papers 5862, National Bureau of Economic Research, Inc.
    2. Jayant Menon, 1992. "Exchange rates and prices of Australian manufactured exports," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 128(4), pages 695-710, December.
    3. Stephen P. Magee, 1974. "U.S. Import Prices in the Currency-Contract Period," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 5(1), pages 117-168.
    4. Phillips, Peter C B & Loretan, Mico, 1991. "Estimating Long-run Economic Equilibria," Review of Economic Studies, Wiley Blackwell, vol. 58(3), pages 407-36, May.
    5. Kasa, Kenneth, 1992. "Adjustment costs and pricing-to-market theory and evidence," Journal of International Economics, Elsevier, vol. 32(1-2), pages 1-30, February.
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    7. Levinsohn, J., 1994. "Competition Policy and International Trade," Working Papers 362, Research Seminar in International Economics, University of Michigan.
    8. Gagnon, Joseph E. & Knetter, Michael M., 1995. "Markup adjustment and exchange rate fluctuations: evidence from panel data on automobile exports," Journal of International Money and Finance, Elsevier, vol. 14(2), pages 289-310, April.
    9. repec:fth:michin:362 is not listed on IDEAS
    10. Prema-chandra Athukorala, 1990. "Exchange Rate Pass Through: The Case of Korean Exports of Manufacturers," Working Papers 1990.08, School of Economics, La Trobe University.
    11. Feenstra, R.C. & Gagnon, J.E. & Knetter, M.M., 1993. "Market Share and Exchange Rate Pass-Through in World Automobile Trade," Papers 93-14, California Davis - Institute of Governmental Affairs.
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    14. Robert C. Feenstra, 1987. "Symmetric Pass-Through of Tariffs and Exchange Rates Under Imperfect Competition: An Empirical Test," NBER Working Papers 2453, National Bureau of Economic Research, Inc.
    15. Froot, Kenneth A & Klemperer, Paul D, 1989. "Exchange Rate Pass-Through When Market Share Matters," American Economic Review, American Economic Association, vol. 79(4), pages 637-54, September.
    16. Dominique Gross & Nicolas Schmitt, 1996. "Exchange rate pass-through and rivalry in the Swiss automobile market," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 132(2), pages 278-303, September.
    17. Knetter, Michael M., 1994. "Is export price adjustment asymmetric?: evaluating the market share and marketing bottlenecks hypotheses," Journal of International Money and Finance, Elsevier, vol. 13(1), pages 55-70, February.
    18. Richard Baldwin, 1988. "Hysteresis In Import Prices: The Beachhead Effect," NBER Working Papers 2545, National Bureau of Economic Research, Inc.
    19. William R. Melick, 1990. "Estimating pass-through: structure and stability," International Finance Discussion Papers 387, Board of Governors of the Federal Reserve System (U.S.).
    20. Menon, Jayant, 1995. " Exchange Rate Pass-Through," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 197-231, June.
    21. Kenichi Ohno, 1989. "Export Pricing Behavior of Manufacturing: A U.S.: Japan Comparison," IMF Staff Papers, Palgrave Macmillan, vol. 36(3), pages 550-579, September.
    22. Athukorala, Premachandra & Menon, Jayant, 1994. "Pricing to Market Behaviour and Exchange Rate Pass-Through in Japanese Exports," Economic Journal, Royal Economic Society, vol. 104(423), pages 271-81, March.
    23. Goldberg, Pinelopi Koujianou, 1995. "Product Differentiation and Oligopoly in International Markets: The Case of the U.S. Automobile Industry," Econometrica, Econometric Society, vol. 63(4), pages 891-951, July.
    24. Markusen, James R. & Melvin, James R. & Maskus, Keith E. & Kaempfer, William, 1995. "International trade: theory and evidence," MPRA Paper 21989, University Library of Munich, Germany.
    25. Catherine L. Mann, 1986. "Prices, profit margins, and exchange rates," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jun, pages 366-379.
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