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Exchange Rate Pass-Through into Import Prices

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  • José Manuel Campa

    (IESE Business School and CEPR)

  • Linda S. Goldberg

    (Federal Reserve Bank of New York and NBER)

Abstract

We provide cross-country and time series evidence on the extent of exchange rate pass-through into the import prices of 23 OECD countries. We find compelling evidence of partial pass-through in the short run, especially within manufacturing industries. Over the long run, producer-currency pricing is more prevalent for many types of imported goods. Countries with higher rates of exchange rate volatility have higher pass-through elasticities, although macroeconomic variables have played a minor role in the evolution of pass-through elasticities over time. Far more important for pass-through changes in these countries have been the dramatic shifts in the composition of country import bundles. © 2005 President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 87 (2005)
Issue (Month): 4 (November)
Pages: 679-690

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Handle: RePEc:tpr:restat:v:87:y:2005:i:4:p:679-690

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