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dc.contributor.authorGagnon, Etienneen
dc.contributor.authorMandel, Benjamin R.en
dc.contributor.authorVigfusson, Robert J.en
dc.date.accessioned2012-01-16-
dc.date.accessioned2012-08-17T14:38:29Z-
dc.date.available2012-08-17T14:38:29Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/60954-
dc.description.abstractA large body of empirical work has found that exchange rate movements have only modest effects on inflation. However, the response of an import price index to exchange rate movements may be underestimated because some import price changes are missed when constructing the index. We investigate downward biases that arise when items experiencing a price change are especially likely to exit or to enter the index. We show that, in theoretical pricing models, entry and exit have different implications for the timing and size of these biases. Using Bureau of Labor Statistics microdata, we derive empirical bounds on the magnitude of these biases and construct alternative price indexes that are less subject to selection effects. Our analysis suggests that the biases induced by selective exits and entries do not materially alter the literature's view that pass-through to U.S. import prices is low over the short- to medium-term horizons that are most useful for both forecasting and differentiating among economic models.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x537en
dc.subject.jelF31en
dc.subject.jelF41en
dc.subject.jelE30en
dc.subject.jelE01en
dc.subject.jelC81en
dc.subject.ddc330en
dc.subject.keywordexchange rate pass-throughen
dc.subject.keywordprice indexen
dc.subject.stwExchange Rate Pass-Throughen
dc.subject.stwAußenhandelspreisen
dc.subject.stwInflationen
dc.subject.stwAußenhandelspreisindexen
dc.subject.stwLebenshaltungsindexen
dc.subject.stwUSAen
dc.titleThe hitchhiker's guide to missing import price changes and pass-through-
dc.typeWorking Paperen
dc.identifier.ppn683162675en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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