文章基本信息

标题：Monetary Policy Credibility and Exchange Rate Pass-Through
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作者：Yan Carrière-Swallow ; Bertrand Gruss ; Nicolas E.Magud 等
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2021
期号：9
语种：English
出版社：IJCB Publications Fulfillment
摘要：A long-standing conjecture in macroeconomics is that declines in exchange rate pass-through over the past three decades are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence that a relatively more credible monetary policy regime-measured by better-anchored inflation expectations-is associated with lower exchange rate pass-through to consumer prices. The results are robust to controlling for the level and variability of nominal variables and for the import content of the consumption basket.