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Exchange rate pass-through to Swedish import prices

  • Malin Adolfson

    (Stockholm School of Economics, Sweden)

Swedish import price determination is investigated using disaggregated monthly data from 1980:1 to 1995:05 for eight different industries. The cointegration analysis indicates two cOintegrating relations, in all industries, between import prices, the exchange rate, world market prices and domestic prices. Two-equations systems involve an unclear definition of long-run exchange rate pass-though. Passthrough is defined as the total effect a nominal exchange-rate change has on the import price. The estimate thus includes the direct effect on import prices as well as the effect working through home market prices. Total pass-through estimates indicate a limited pass-through and thus pricing to market behaviour in the majority of industries. Tests of linear restrictions on the cointegrating vectors indicate, in a more formal, statistical sense, a complete long-run pass-through in most industries.

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Article provided by Finnish Economic Association in its journal Finnish Economic Papers.

Volume (Year): 10 (1997)
Issue (Month): 2 (Autumn)
Pages: 81-98

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Handle: RePEc:fep:journl:v:10:y:1997:i:2:p:81-98
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  1. 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.
  2. Peter Hooper & Catherine L. Mann, 1989. "Exchange Rate Pass-through in the 1980s: The Case of U.S. Imports of Manufactures," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 297-337.
  3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  4. Johansen, Søren & Juselius, Katarina, 1992. "Testing structural hypotheses in a multivariate cointegration analysis of the PPP and the UIP for UK," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 211-244.
  5. Sven W. Arndt & J. David Richardson, 1987. "Real-Financial Linkages Among Open Economies," NBER Working Papers 2230, National Bureau of Economic Research, Inc.
  6. Gottfries, N., 1994. "Market Shares, Financial Constraints, and Pricing Behavior in the Export Industry," Papers 586, Stockholm - International Economic Studies.
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