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Exchange Rate Pass-Through in the Euro Area : The Role of Asymmetric Pricing Behavior / Hamid Faruqee.
- Format:
- Book
- Government document
- Author/Creator:
- Faruqee, Hamid.
- Series:
- IMF Working Papers; Working Paper ; No. 2004/014
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Foreign exchange rates--European Union countries.
- Foreign exchange rates.
- Balance of payments--European Union countries.
- Balance of payments.
- Pricing--European Union countries.
- Pricing.
- Physical Description:
- 1 online resource (27 p.)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2004.
- Language Note:
- English
- 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.
- 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""
- Notes:
- Description based upon print version of record.
- Includes bibliographical references.
- Description based on online resource; title from PDF cover (ebrary, viewed June 27, 2015).
- ISBN:
- 9786613774552
- 9781462332939
- 1462332935
- 9781452747279
- 145274727X
- 9781281089090
- 1281089095
- 9781451891201
- 1451891202
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