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Exchange Rate Pass-Through in Spain

Exchange Rate Pass-Through in Spain
Author: Ms.Zuzana Murgasova
Publisher: International Monetary Fund
Total Pages: 32
Release: 1996-10-01
Genre: Business & Economics
ISBN: 1451943415

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This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the 1992-93 Exchange Rate Mechanism (ERM) crisis. The long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method. The short-run dynamics are obtained from error-correction models. The model is then simulated by calibrating changes in the exogenous variables to their actual values. The results indicate that the cost-push-up effect of devaluations may have been completely offset by determinants of the cyclical position of the economy and the low inflation rate in 1993-94 should not be viewed as unusual.


Differences in Exchange Rate Pass-through in the Euro Area

Differences in Exchange Rate Pass-through in the Euro Area
Author: José Manuel Campa
Publisher:
Total Pages: 52
Release: 2002
Genre: Foreign exchange rates
ISBN:

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Se analizan las diferencias en el cambio exterior de los países del area euro en los precios de las importaciones de fuera del área.


Exchange Rate Pass-Through in the Euro Area

Exchange Rate Pass-Through in the Euro Area
Author: Mariarosaria Comunale
Publisher:
Total Pages: 62
Release: 2017
Genre:
ISBN:

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In this paper we analyse the exchange rate pass-through (ERPT) in the euro area as a whole and for four euro area members - Germany, France, Italy and Spain. For that purpose we use Bayesian VARs with identfiication based on a combination of zero and sign restrictions. Our results emphasize that pass-through in the euro area is not constant over time - it may depend on a composition of economic shocks governing the exchange rate. Regarding the relative importance of individual shocks, it seems that pass-through is the strongest when the exchange rate movement is triggered by (relative) monetary policy shocks and the exchange rate shocks. Our shock-dependent measure of ERPT points to a large but volatile pass-through to import prices and overall very small pass-through to consumer inflation in the euro area.


Spain and the Euro

Spain and the Euro
Author: Joaquín Muns
Publisher: "la Caixa"
Total Pages: 220
Release: 1997
Genre: Business & Economics
ISBN: 8488099274

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Recoge:España y el Euro; Unión monetaria europea; Costes y beneficios de una moneda única en España; Políticas de la Unión monetaria.


An Empirical Assessment of the Exchange Rate Pass-through in Mozambique

An Empirical Assessment of the Exchange Rate Pass-through in Mozambique
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 34
Release: 2021-05-06
Genre: Business & Economics
ISBN: 1513573691

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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.


Recent Movements in the Euro Exchange Rate and the Impact on Inflation in the Spanish Economy

Recent Movements in the Euro Exchange Rate and the Impact on Inflation in the Spanish Economy
Author: Danilo Leiva-Leon
Publisher:
Total Pages: 8
Release: 2018
Genre:
ISBN:

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The effect of the euro exchange rate on inflation has taken on significant importance recently, with the application of the ECB's expansionary monetary policy measures having coincided with episodes of euro appreciation, such as that observed between the second half of 2017 and early 2018, which tend to exert downward pressure on imported prices. This article analyses the factors behind the fluctuations in the euro exchange rate against the dollar during the recent period, and finds that this appreciation may have largely been due to the higher relative growth of the euro area, compatible with a pick-up in expected euro area inflation. However, the subsequent depreciation, since February 2018, might reflect factors related to changes in the relative confidence of financial markets to the detriment of the euro, and to the lower relative growth of the euro area compared with the United States. Further, it is documented how the pass-through of exchange rate movements to overall consumer-price inflation in the Spanish economy has increased slightly in recent years, owing mainly to the energy component, while core inflation remains much less sensitive to exchange rate changes.


Exchange Rate Pass Through to Prices in Maldives

Exchange Rate Pass Through to Prices in Maldives
Author: Ms.Iyabo Masha
Publisher: International Monetary Fund
Total Pages: 44
Release: 2012-05-01
Genre: Business & Economics
ISBN: 1475578563

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This study examines the degree of exchange rate pass through (EPRT) into producer and consumer prices in Maldives. ERPT to consumer prices is first estimated using a nonparametric approach. A recursive vector autoregression is then used to model both consumer and producer price changes. The nonparametric estimation indicates that ERPT to consumer prices is very high, both in absolute terms and relative to other countries. The dynamics of ERPT as derived from the empirical estimation indicate that ERPT to consumer and producer prices is significant but not complete, and that the impact of exchange rate changes persists into the second year.


Festschrift in Honor of Peter Schmidt

Festschrift in Honor of Peter Schmidt
Author: Robin C. Sickles
Publisher: Springer Science & Business Media
Total Pages: 417
Release: 2014-03-15
Genre: Business & Economics
ISBN: 1489980083

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From the Introduction: This volume is dedicated to the remarkable career of Professor Peter Schmidt and the role he has played in mentoring us, his PhD students. Peter’s accomplishments are legendary among his students and the profession. Each of the papers in this Festschrift is a research work executed by a former PhD student of Peter’s, from his days at the University of North Carolina at Chapel Hill to his time at Michigan State University. Most of the papers were presented at The Conference in Honor of Peter Schmidt, June 30 - July 2, 2011. The conference was largely attended by his former students and one current student, who traveled from as far as Europe and Asia to honor Peter. This was a conference to celebrate Peter’s contribution to our contributions. By “our contributions” we mean the research papers that make up this Festschrift and the countless other publications by his students represented and not represented in this volume. Peter’s students may have their families to thank for much that is positive in their lives. However, if we think about it, our professional lives would not be the same without the lessons and the approaches to decision making that we learned from Peter. We spent our days together at Peter’s conference and the months since reminded of these aspects of our personalities and life goals that were enhanced, fostered, and nurtured by the very singular experiences we have had as Peter’s students. We recognized in 2011 that it was unlikely we would all be together again to celebrate such a wonderful moment in ours and Peter’s lives and pledged then to take full advantage of it. We did then, and we are now in the form of this volume.