Exchange Rate Pass Through And Monetary Policy PDF Download
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| Author | : Mr.Yan Carriere-Swallow |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2016-12-13 |
| Genre | : Business & Economics |
| ISBN | : 1475560311 |
Download Monetary Policy Credibility and Exchange Rate Pass-Through Book in PDF, ePub and Kindle
A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer prices and the monetary policy regime’s performance in delivering price stability. Using input-output tables, we decompose exchange rate pass-through to consumer prices into a component that reflects the adjustment of imported goods at the border, and another that captures the response of all other prices. We find that price stability and central bank credibility have reduced the second component.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2021-05-06 |
| Genre | : Business & Economics |
| ISBN | : 1513573691 |
Download An Empirical Assessment of the Exchange Rate Pass-through in Mozambique Book in PDF, ePub and Kindle
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
| Author | : P. Karadeloglou |
| Publisher | : Springer |
| Total Pages | : 255 |
| Release | : 2008-02-13 |
| Genre | : Business & Economics |
| ISBN | : 0230582699 |
Download Exchange Rates and Macroeconomic Dynamics Book in PDF, ePub and Kindle
This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.
| Author | : Mr.Yan Carriere-Swallow |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2017-01-18 |
| Genre | : Business & Economics |
| ISBN | : 1475569211 |
Download Monetary Policy Credibility and Exchange Rate Pass-Through Book in PDF, ePub and Kindle
A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer prices and the monetary policy regime’s performance in delivering price stability. Using input-output tables, we decompose exchange rate pass-through to consumer prices into a component that reflects the adjustment of imported goods at the border, and another that captures the response of all other prices. We find that price stability and central bank credibility have reduced the second component.
| Author | : Robert Z. Aliber |
| Publisher | : Springer |
| Total Pages | : 443 |
| Release | : 2019-06-01 |
| Genre | : Business & Economics |
| ISBN | : 3030123952 |
Download The 2008 Global Financial Crisis in Retrospect Book in PDF, ePub and Kindle
This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected, Iceland, by evaluating developments since 2008. Currently, many countries are facing similar problems as Iceland did in 2008: this book is of interest to economists and policy makers in these countries to study what happened in Iceland, and why the recovery of that economy was strong and swift. The chapters in this book originate from panel discussions and conferences and explore areas including regulation, state projects and inflation.
| Author | : Takatoshi Ito |
| Publisher | : University of Chicago Press |
| Total Pages | : 466 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226386937 |
Download Changes in Exchange Rates in Rapidly Developing Countries Book in PDF, ePub and Kindle
The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
| Author | : Ila Patnaik |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2011-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1455211834 |
Download Monetary Policy Transmission in an Emerging Market Setting Book in PDF, ePub and Kindle
Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.
| Author | : Eliphas Ndou |
| Publisher | : Springer |
| Total Pages | : 416 |
| Release | : 2019-04-23 |
| Genre | : Business & Economics |
| ISBN | : 3030139328 |
Download Exchange Rate, Second Round Effects and Inflation Processes Book in PDF, ePub and Kindle
This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts.
| Author | : Ehsan U. Choudhri |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2012-09-01 |
| Genre | : Business & Economics |
| ISBN | : 1475510233 |
Download The Exchange Rate Pass -Through to Import and Export Prices Book in PDF, ePub and Kindle
Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that while local currency pricing is needed to account for incomplete import price pass-through, it would not imply a lower export price pass-through. Recent explanations of this puzzle have emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the presence of both producer and local currency pricing. Using a dynamic general equilibrium model, the paper shows that a mix of producer and local currency pricing can explain the pass-through evidence even with a constant markup. The model can also explain the observed exchange rate and inflation variability as well as the fact that the regression and VAR estimates tend to be similar.
| Author | : Ramkishen S. Rajan |
| Publisher | : Springer |
| Total Pages | : 226 |
| Release | : 2015-08-04 |
| Genre | : Political Science |
| ISBN | : 1137534141 |
Download Managing the Macroeconomy Book in PDF, ePub and Kindle
While offering many growth-enhancing opportunities, India's ever-increasing integration with the world economy has given rise to a host of new challenges in managing the economy. This book provides an up-to-date empirical assessment of some of India's crucial policy challenges pertaining to its monetary and external sector management.
