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Efecto transferencia (pass-through) del tipo de cambio en los precios de bienes y servicios en Venezuela
[Exchange rate pass-through on prices of goods and services in Venezuela]

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Author Info
Mendoza Lugo, Omar
Pedauga, Luis Enrique

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Abstract

This paper delves into the asymmetries of the exchange rate pass-through on prices in the case of Venezuela, extending the analysis of Mendoza (2004) the prices of goods and services. The data used is monthly for the period 07/90 -12/04. We find that pass-through in services is less than pass-through in goods. This result may reflect the presence of a major component of non-tradables in the former than the latter. For both groups there is evidence of price asymmetries associated mainly to the behavior of oil prices, the misalignment of the real exchange rate and monetary expansions or contractions.

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File URL: http://mpra.ub.uni-muenchen.de/14874/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14874.

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Date of creation: Dec 2006
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Handle: RePEc:pra:mprapa:14874

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Related research
Keywords: Pass-through; inflation; depreciation; regression models with smooth transition;

Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation

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  1. Betts, Caroline & Devereux, Michael B., 2000. "Exchange rate dynamics in a model of pricing-to-market," Journal of International Economics, Elsevier, vol. 50(1), pages 215-244, February. [Downloadable!] (restricted)
  2. Philippe Bacchetta & Eric van Wincoop, 2002. "Why Do Consumer Prices React less than Import Prices to Exchange Rates?," NBER Working Papers 9352, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Sergio Rebelo & Ariel Burstein & Martin Eichenbaum, 2004. "Large Devaluations and the Real Exchange Rate," 2004 Meeting Papers 137, Society for Economic Dynamics. [Downloadable!]
    Other versions:
  4. Ariel Burstein & Martin Eichenbaum & Sergio Rebelo, 2002. "Why Are Rates of Inflation So Low After Large Devaluations?," NBER Working Papers 8748, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Ketil Hviding & M. Nowak & Luca Antonio Ricci, 2004. "Can Higher Reserves Help Reduce Exchange Rate Volatility?," IMF Working Papers 04/189, International Monetary Fund. [Downloadable!]
  6. Dijk, D.J.C. van & Franses, Ph.H.B.F. & Lucas, A., 1996. "Testing for Smooth Transition Nonlinearity in the Presence of Outliers," Econometric Institute Report EI 9622-/A Revision_Date:, Erasmus University Rotterdam, Econometric Institute. [Downloadable!]
    Other versions:
  7. Maximo Camacho, 2004. "Vector smooth transition regression models for US GDP and the composite index of leading indicators," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 23(3), pages 173-196. [Downloadable!]
  8. Burstein, Ariel T. & Neves, Joao C. & Rebelo, Sergio, 2003. "Distribution costs and real exchange rate dynamics during exchange-rate-based stabilizations," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1189-1214, September. [Downloadable!] (restricted)
    Other versions:
  9. Phillip Rothman & Dick van Dijk & Philip Hans Franses, 2000. "A Multivariate STAR Analysis of the Relationship Between Money and Output," Working Papers 0012, East Carolina University, Department of Economics. [Downloadable!]
    Other versions:
  10. Magda E. Kandil, . "The Asymmetric Effects of Exchange Rate Fluctuations: Theory and Evidence from Developing Countries," IMF Working Papers 00/184, International Monetary Fund.
  11. Joseph E. Gagnon & Jane Ihrig, 2001. "Monetary policy and exchange rate pass-through," International Finance Discussion Papers 704, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  12. Betts, Caroline & Devereux, Michael B., 1996. "The exchange rate in a model of pricing-to-market," European Economic Review, Elsevier, vol. 40(3-5), pages 1007-1021, April. [Downloadable!] (restricted)
  13. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September. [Downloadable!] (restricted)
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