Exchange Rate Pass-Through: What Has Changed Since the Crisis?
Richhild Moessner and
Additional contact information
Martina Jašová: Barnard College, Columbia University, United States
International Journal of Central Banking, 2019, vol. 15, issue 3, 27-58
We study how exchange rate pass-through to CPI inflation has changed since the global financial crisis. We have three main findings. First, exchange rate pass-through in emerging economies decreased after the financial crisis, while exchange rate pass-through in advanced economies has remained relatively low and stable over time. Second, we show that the declining pass-through in emerging markets is related to declining inflation. Third, we show that it is important to control for non-linearities when estimating exchange rate passthrough. These results hold for both short-run and long-run pass-through and remain robust to extensive changes in the specifications.
JEL-codes: E31 E58 F31 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (33) Track citations by RSS feed
Downloads: (external link)
Working Paper: Exchange rate pass-through: What has changed since the crisis? (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2019:q:3:a:2
Access Statistics for this article
International Journal of Central Banking is currently edited by Loretta J. Mester
More articles in International Journal of Central Banking from International Journal of Central Banking
Bibliographic data for series maintained by Bank for International Settlements ().