Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/202493 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Economic Research Working Papers No. 85
Verlag: 
Banco Central de la República Argentina (BCRA), Investigaciones Económicas (ie), Buenos Aires
Zusammenfassung: 
We look at a panel of Latin American countries from 1970 and 2016 to enquire how exchange rate pass-through has changed over time, and whether this owes to monetary or real shocks hitting the economy. We estimate conventional pass-through measures, both short and long run; then we obtain rolling estimates of those measures, and relate them to monetary and real variables using fixed effect models. We find that: in keeping with previous studies, pass-through coefficients have fallen sharply in recent decades in Latin America; money growth tends to be strongly associated to short-run exchange rate pass through, with a small influence of real shocks such as terms-of-trade changes; money growth is also associated to long-run pass-through, while terms of trade shocks are more statistically significant. Results are consistent with the hypothesis that ERPT changes with the kind of shock and the monetary policy response to it.
Schlagwörter: 
Exchange rate pass through
monetary policy
panel data models
JEL: 
F31
E31
E52
C23
Dokumentart: 
Working Paper

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