Exchange Rate Pass-Through into Import Prices
研究了23个OECD国家汇率变动对进口价格的传递程度，发现短期存在部分传递，长期更多采用生产者货币定价，汇率波动大的国家传递弹性更高，但宏观经济变量影响较小，进口商品结构变化更为重要。
We provide cross-country and time series evidence on the extent of exchange rate pass-through into the import prices of 23 OECD countries. We find compelling evidence of partial pass-through in the short run, especially within manufacturing industries. Over the long run, producer-currency pricing is more prevalent for many types of imported goods. Countries with higher rates of exchange rate volatility have higher pass-through elasticities, although macroeconomic variables have played a minor role in the evolution of pass-through elasticities over time. Far more important for pass-through changes in these countries have been the dramatic shifts in the composition of country import bundles. © 2005 President and Fellows of Harvard College and the Massachusetts Institute of Technology.