03369nam 2200649 450 991046360090332120170822102951.01-4623-1442-21-4527-0972-697866128416441-4518-7071-X1-282-84164-5(CKB)3170000000055106(EBL)1608015(SSID)ssj0000942985(PQKBManifestationID)11484246(PQKBTitleCode)TC0000942985(PQKBWorkID)10975140(PQKB)10582318(OCoLC)762684955(MiAaPQ)EBC1608015(EXLCZ)99317000000005510620140227h20082008 uy 0engur|n|---|||||txtccrNew Keynesian exchange rate pass-through /Woon Gyu Choi and David Cook ; authorized for distribution by Nadeem Haque[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (27 p.)IMF Working PapersIMF working paper ;WP/08/213Description based upon print version of record.1-4519-1524-1 Includes bibliographical references.Contents; I. Introduction; II. The Model; III. The Data; Figures; 1. The Trade-Weighted Index of the Relative Prices; 2. U.S. Import Price Inflation and Foreign PPI Inflation; IV. Estimated Results; A. Defining Exchange Rate Pass-through; B. Benchmark Regressions; Tables; 1. Estimation Results of the Pass-Through Effect Model; C. Estimating Pass-Though Effects for a Sub-sample Period; D. Robustness Checks: Alternative Specification; 2. Estimating the Pass-through Effect Model: Alternative Specifications; E. Pass-through Effect Model with a Mix of LCP and PCP3. Estimating the Pass-through Effect Model: A Mix of LCP and PCPF. Regional Models and Country Specific Exports; 4. Regional Pass-through Effect Model: A Mix of LCP and PCP; V. Conclusion; References; AppendixUsing the theory of optimal local currency pricing, this paper constructs a structural equation to estimate the rate at which foreign producer prices pass through the local currency prices of imported goods in the U.S. This can be viewed as measuring exchange rate pass-through, in line with price stickiness in the New Keynesian Phillips curve literature. We estimate the structural equation using the generalized methods of moments for consistent estimates of exchange rate pass-through. We find that a model with a mix of local currency pricing and producer currency pricing fits the data best. ThIMF Working PapersForeign exchange ratesUnited StatesEconometric modelsPhillips curveEconometric modelsElectronic books.Foreign exchange ratesEconometric models.Phillips curveEconometric models.332.450973Choi Woon Gyu869318Cook David373905Haque Nadeem869319MiAaPQMiAaPQMiAaPQBOOK9910463600903321New Keynesian exchange rate pass-through1940758UNINA