Missing Import Price Changes and Low Exchange Rate Pass-Through

被引：8

作者：

Gagnon, Etienne ^{[1
]}

Mandel, Benjamin R. ^{[2
]}

Vigfusson, Robert J. ^{[1
]}

机构：

[1] Fed Reserve Board, Washington, DC 20551 USA

[2] Fed Reserve Bank New York, New York, NY 10045 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2014年 / 6卷 / 02期

关键词：

PRODUCT REPLACEMENT BIAS; ADJUSTMENT; INFLATION; COSTS; COMPETITION; MARKET;

D O I：

10.1257/mac.6.2.156

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A large body of empirical work has found that exchange rate movements have only modest effects on US inflation. However, exchange rate pass-through may be underestimated because some price changes are missed when constructing price indexes. We investigate downward biases that arise when items exit or enter the US import price index. Using Bureau of Labor Statistics microdata, we find that, although potentially large in theory, the empirical biases are modest over typical forecast horizons. As such, the empirical evidence continues to support the conclusion that pass-through to US import prices is low.

引用

页码：156 / 206

页数：51

共 29 条

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[Anonymous], 1996, Toward a more accurate measure of the cost of living

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