Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/249907 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2634
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study exchange rate pass-through (ERPT), i.e., the impact of exchange rate movements on inflation, focusing on euro area import prices at a sectorally disaggregated level. Our estimation strategy is based on VAR-X models, thus incorporating both endogenous and exogenous explanatory variables. The impulse response functions not only allow to study the extent but also the dynamics of ERPT. We find that ERPT is heterogeneous in terms of magnitude across sectors. We further investigate what industry-specific characteristics affect the heterogeneity of ERPT. Across various model specifications including import penetration, market integration, competition and value chain integration, we find that higher market concentration and higher backward integration in global value chains decrease pass-through, in line with previous findings in the literature.
Schlagwörter: 
exchange rates
import prices
pass-through
euro area
sectoral disaggregation
JEL: 
C50
F30
F40
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4921-7
Dokumentart: 
Working Paper

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