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Exchange Rate Pass Through to Prices in Maldives

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  • Iyabo Masha
  • Chanho Park
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    Abstract

    This study examines the degree of exchange rate pass through (EPRT) into producer and consumer prices in Maldives. ERPT to consumer prices is first estimated using a nonparametric approach. A recursive vector autoregression is then used to model both consumer and producer price changes. The nonparametric estimation indicates that ERPT to consumer prices is very high, both in absolute terms and relative to other countries. The dynamics of ERPT as derived from the empirical estimation indicate that ERPT to consumer and producer prices is significant but not complete, and that the impact of exchange rate changes persists into the second year.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/126.

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    Length: 25
    Date of creation: 01 May 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/126

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    Related research

    Keywords: Consumer prices; Economic models; Exchange rates; Producer prices; exchange rate; inflation; exchange rate pass; exchange rate changes; exchange rate regime; nominal effective exchange rate; effective exchange rate; monetary policy; price inflation; fixed exchange rate; fixed exchange rate regime; effective exchange rates; exchange rate change; price level; real output; exchange rate shock; exchange rate shocks; foreign exchange; bilateral exchange rates; exchange rate movements; average inflation; exchange rate mechanism; rate of inflation; nominal exchange rate; aggregate demand; inflationary impact; effects of inflation; relative prices; dollar exchange rate; price of goods; monetary aggregate; exchange rate band; exchange rate developments; forecasting inflation; exchange rate system;

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    1. Linda S. Goldberg & José Manuel Campa, 2006. "Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates," NBER Working Papers 12121, National Bureau of Economic Research, Inc.
    2. Menon, Jayant, 1995. " Exchange Rate Pass-Through," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 197-231, June.
    3. Jonathan McCarthy, 2000. "Pass-through of exchange rates and import prices to domestic inflation in some industrialized economies," Staff Reports 111, Federal Reserve Bank of New York.
    4. Sven W. Arndt & J. David Richardson, 1987. "Real-Financial Linkages Among Open Economies," NBER Working Papers 2230, National Bureau of Economic Research, Inc.
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