article
Perturbações macroeconómicas, movimentos da taxa de câmbio e transmissão sobre preços
Macroeconomic Shocks, Exchange Rate Movements and Price Effects of Pass-throughs;
Perturbaciones macroeconómicas, movimientos de la tasa de cambio y transmisión sobre precios
Autor
Rincón-Castro, Hernán
Rodríguez-Niño, Norberto
Castro-Pantoja, John
Institución
Resumen
The literature that has studied the transmission of exchange rate movements on prices, known as exchange rate pass-throughs, assumes that they are exogenous to the shocks that impact the economy. This assumption has been reviewed according to predictions of modern macroeconomic models, which point out that exchange movements are endogenous. Based on this prediction, this paper demonstrates that the degree of transmission depends on the type of shock that gives rise to the exchange rate movement, i.e., transmission is shock-dependent.