04419oam 22010214 450 991095740470332120250426110923.0978661284164497814623144231462314422978145270972714527097269781451870718145187071X97812828416421282841645(CKB)3170000000055106(EBL)1608015(SSID)ssj0000942985(PQKBManifestationID)11484246(PQKBTitleCode)TC0000942985(PQKBWorkID)10975140(PQKB)10582318(OCoLC)762684955(IMF)WPIEE2008213(MiAaPQ)EBC1608015(IMF)WPIEA2008213WPIEA2008213(EXLCZ)99317000000005510620020129d2008 uf 0engur|n|---|||||txtccrNew Keynesian Exchange Rate Pass-Through /David Cook, Woon Choi1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (27 p.)IMF Working PapersIMF working paper ;WP/08/213Description based upon print version of record.9781451915242 1451915241 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. The estimate of price stickiness in import prices is comparable to existing estimates of domestic price stickiness.IMF Working Papers; Working Paper ;No. 2008/213Foreign exchange ratesUnited StatesEconometric modelsPhillips curveEconometric modelsCurrencyimfDeflationimfExchange rate pass-throughimfForeign ExchangeimfForeign exchangeimfImport pricesimfImportsimfInflationimfMacroeconomicsimfPrice LevelimfPricesimfProducer pricesimfSticky pricesimfUnited StatesimfForeign exchange ratesEconometric models.Phillips curveEconometric models.CurrencyDeflationExchange rate pass-throughForeign ExchangeForeign exchangeImport pricesImportsInflationMacroeconomicsPrice LevelPricesProducer pricesSticky prices332.450973Cook David373905Choi Woon1815855DcWaIMFBOOK9910957404703321New Keynesian Exchange Rate Pass-Through4371390UNINA