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The effects of a stronger dollar on U.S. prices

Federico Diez and Gita Gopinath

No 15-9, Current Policy Perspectives from Federal Reserve Bank of Boston

Abstract: Since 2014:Q3, the U.S. dollar has experienced the third-fastest appreciation in over 30 years, with its nominal exchange and real exchange rate rising 15 percent against almost all foreign currencies (as measured by the Major Currencies Dollar Index). This sudden and rapid gain has engendered concerns about how a stronger dollar will affect U.S. export and import prices and ultimately, consumer prices and inflation in the United States. This paper assembles a rich database, spanning the period from 1985:Q1 through 2014:Q4, that combines several measures of prices and exchange rates in order to examine the likely outlook for U.S. import and export prices and consumer prices in the short run (one quarter) and over a 24-month period.

Keywords: pass-through entities; exchange rates; inflation (search for similar items in EconPapers)
JEL-codes: E31 F31 F41 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2015-12-01
New Economics Papers: this item is included in nep-ifn, nep-mac, nep-mon and nep-opm
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