| Description |
1 online resource (26 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/04/14 |
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IMF working paper ; WP/04/14.
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| Contents |
Contents -- I. INTRODUCTION -- II. EMPIRICAL ESTIMATES -- A. VAR Methodology -- B. Cross-Country Evidence -- III. MODEL OF INCOMPLETE PASS-THROUGH -- IV. MATCHING THEORY AND EMPIRICS -- V. CONCLUSIONS -- References |
| Summary |
Exchange rate pass-through in a set of euro area prices along the pricing chain is examined. Using a vector autoregression (VAR) approach, the empirics analyze the joint time-series behavior of the euro exchange rate and a system of euro-area prices in response to an exchange rate shock. The impulse-response functions from the VAR estimates are used to identify-in a 'new open economy macroeconomics model'-those key behavioral parameters that best replicate the pattern of exchange rate pass-through in the euro area. Area-wide prices are found to display incomplete pass-through, consistent with euro currency-pricing and pricing-to-market behavior. The results are compared to those for the other major industrial economies, and suggest that, as with the United States, "expenditure-switching" effects on the current account still operate but are generally small |
| Bibliography |
Includes bibliographical references (pages 23-26) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Foreign exchange rates -- European Union countries
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Balance of payments -- European Union countries
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Pricing -- European Union countries
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Eurozone.
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Balance of payments
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Eurozone
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Foreign exchange rates
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Pricing
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European Union countries
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| Form |
Electronic book
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| Author |
International Monetary Fund. European Department, issuing body
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| ISBN |
1451891202 |
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9781451891201 |
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1281089095 |
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9781281089090 |
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9781451843156 |
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1451843151 |
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