The Choice of Exchange-Rate Index and Domestic Price Passthrough
研究发现，自70年代末以来，美联储10国指数高估了美元实际升值和贬值程度，而达拉斯联储101国指数更准确；汇率变动对依赖进口投入和进口替代行业的价格传导最充分，对资本密集和集中行业传导最弱。
This paper finds that the extent of real appreciation and real depreciation in the external value of the dollar since the late 70s has been overstated for most industries by the Federal Reserve Board's 10-country index, and is better proxied by the Dallas Fed's 101-country index. Earlier findings seem robust to the choice of index. Namely, changes in the real external value of the dollar have passed most fully into domestic prices of industries heavily reliant on imported inputs and producing import substitutes, and least fully into capital-intensive and concentrated industries and those protected by entry barriers. Copyright 1991 by Blackwell Publishing Ltd.