The degree to which domestic prices adjust to exchange rate movements is key to understanding inflation dynamics, and hence to guiding monetary policy. However, the exchange rate pass-through to inflation varies considerably across countries and over time. By estimating structural factor-augmented vector-autoregressive models for 47 countries, this paper brings to light two fundamental factors accounting for these variations: the nature of the shock...
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INFORMATION
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2019/03/13
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Document de travail de recherche sur les politiques
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WPS8780
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1
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1
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2019/03/13
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Disclosed
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Inflation and Exchange Rate Pass-Through
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inflation
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