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Exchange Rate Pass-Through And Monetary Policy

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  • Frederic S. Mishkin

Abstract

This paper discusses what recent economic research tells us about exchange rate pass-through and what this suggests for the control of monetary policy. It first focuses on exchange rate pass-through from a macroeconomic perspective and then examines the microeconomic evidence. In light of this evidence, it then discusses the implications of exchange rate movements on the conduct of monetary policy.

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File URL: http://www.nber.org/papers/w13889.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13889.

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Date of creation: May 2008
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Publication status: published as Frederic S. Mishkin, 2008. "Exchange rate pass-through and monetary policy: a speech at the Norges Bank Conference on Monetary Policy, Oslo, Norway, March 7, 2008," Speech, Board of Governors of the Federal Reserve System (U.S.).
Handle: RePEc:nbr:nberwo:13889

Note: EFG ME IFM
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Citations

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Cited by:
  1. Forte, Antonio, 2009. "The pass-through effect: a twofold analysis," MPRA Paper 16527, University Library of Munich, Germany.
  2. Andrés González & Hernán Rincón & Norberto Rodríguez, . "La transmisión de los choques a la tasa de cambio sobre la inflación de los bienes importados en presencia de asimetrías," Borradores de Economia 532, Banco de la Republica de Colombia.
  3. Alfredo Pistelli & Víctor Riquelme, 2010. "Auge y caída de precios de commodities y su impacto sobre precios domésticos: Comparación internacional," Working Papers Central Bank of Chile 567, Central Bank of Chile.
  4. Mouyad Al Samara & Cindy Moons & Jan Hove, 2013. "Exchange rate pass-through: evidence from the Syrian economy," International Economics and Economic Policy, Springer, vol. 10(3), pages 405-425, September.
  5. Paul Castillo & Luis Maertens Odria & Gabriel Rodríguez, 2011. "Does The Exchange Rate Pass-Through Into Prices Change When Inflation Targeting Is Adopted? The Peruvian Case Study Between 1994 And 2007," Documentos de Trabajo 2011-314, Departamento de Economía - Pontificia Universidad Católica del Perú.
  6. Sanchita Mukherjee, 2010. "The effects of capital market openness on exchange rate pass-through and welfare in an inflation-targeting small open economy," Working Paper 1018, Federal Reserve Bank of Cleveland.
  7. Jinbin Wang & Nan Li, 2010. "Exchange rate pass-through: The case of China," Frontiers of Economics in China, Springer, vol. 5(3), pages 356-374, September.
  8. Cozmânca, Bogdan Octavian & Manea, Florentina, 2010. "Asymmetries In The Exchange Rate Pass-Through Into Romanian Price Indices," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 21-44, March.
  9. Andrés González & Hernán Rincóm & Norberto Rodríguez, 2008. "La transmisión de los choques a la tasa de cambio sobre la inflación," BORRADORES DE ECONOMIA 005089, BANCO DE LA REPÚBLICA.
  10. Carlos Capistrán & Gabriel Cuadra & Manuel Ramos Francia, 2011. "Policy Response to External Shocks: Lessons from the Crisis," Working Papers 2011-14, Banco de México.
  11. Cozmanca,Bogdan-Octavian & Manea, Florentina, 2009. "Exchange rate pass-through into Romanian price indices. A VAR approach," Working Papers of Macroeconomic Modelling Seminar 092102, Institute for Economic Forecasting.
  12. Delatte, Anne-Laure & López-Villavicencio, Antonia, 2012. "Asymmetric exchange rate pass-through: Evidence from major countries," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 833-844.
  13. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "Utilizarea cursurilor valutare drept ancore nominale antiinflaţioniste
    [The use of exchange rates as nominal anchors]
    ," MPRA Paper 52415, University Library of Munich, Germany.
  14. Waldyr Areosa & Marta Areosa, 2012. "The Signaling Effect of Exchange Rates: pass-through under dispersed information," Working Papers Series 282, Central Bank of Brazil, Research Department.

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