| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5626
|
| DP5626 Central Banking by Committee |
| Anne Sibert
|
| 发表日期 | 2006-04-20
|
| 出版年 | 2006
|
| 语种 | 英语
|
| 摘要 | Border prices of traded goods are highly sensitive to exchange rates, but the CPI, and the retail prices of these goods, are more stable. Our paper decomposes the sources of this stability for twenty-one OECD countries, focusing on the important roles of distribution margins and imported inputs in transmitting exchange rate fluctuations into consumption prices. We provide rich cross-country and cross-industry details on distribution margins and their sensitivity to exchange rates, imported inputs used in different categories of consumption goods, and weights in consumption of nontradables, home tradables and imported goods. While distribution margins damp the sensitivity of consumption prices of tradable goods to exchange rates, they also lead to enhanced pass through when nontraded goods prices are sensitive to exchange rates. Such price sensitivity arises because imported inputs are used in production of home nontradables. Calibration exercises show that, at under 5 percent, the United States has the lowest expected CPI sensitivity to exchange rates of all countries examined. On average, calibrated exchange rate pass through into CPIs is expected to be closer to 15 percent. |
| 主题 | International Macroeconomics
|
| 关键词 | exchange rate
Pass through
Import prices
Distribution margins
|
| URL | https://cepr.org/publications/dp5626
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534494
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推荐引用方式
GB/T 7714 |
Anne Sibert. DP5626 Central Banking by Committee. 2006.
|
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