Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Japan's Import Prices
Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Japan's Import Prices
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重新审视汇率传导下降：来自日本进口价格的进一步证据
DOI：
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Toyoichiro Shirota
中科院分区：
文献类型：
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作者：
Akira Otani;Shigenori Shiratsuka;Toyoichiro Shirota
许多实证研究得出了共同的实证结果，即发达国家的汇率传导到进口价格的作用在20世纪90年代有所下降。然而，其中一些研究得出了关于下降背后因素的截然不同的结论。Campa和Goldberg（2002）指出，这主要来自原材料和燃料等初级商品进口份额的下降，而Otani， Shiratsuka和Shirota（2003）则认为，这主要是由于每个产品类别的汇率传递下降。在本文中，我们实证地重新检验了对比假设的有效性。我们的实证结果表明，汇率传递到日本不包括初级商品的进口价格的下降在很大程度上归因于每种产品的汇率传递的减少。我们的实证结果还表明，长期汇率传递到整体进口价格的下降可能部分是由初级商品进口份额的减少引起的。第二点，然而，应该谨慎对待，因为估计的精度并不高，不足以得出一个明确的结论。
Many empirical studies show common empirical findings that the exchange rate pass-through to import prices in advanced countries declined in the 1990s. Some of those studies, however, draw contrasting conclusions regarding the factors behind the decline. Campa and Goldberg (2002) point out that it comes mainly from the decrease in the import share of primary commodities, such as raw materials and fuels, while Otani, Shiratsuka, and Shirota (2003) make the case that it is mostly attributable to the decline in the exchange rate pass-through in each product category. In this paper, we empirically reexamine the validity of the contrasting hypotheses. Our empirical results demonstrate that the decline in the exchange rate pass-through to Japan's import prices excluding primary commodities is largely attributable to the decreases in the exchange rate pass-through in each product. Our empirical results also suggest the possibility that the declines in the long-term exchange rate pass-through to overall import prices are induced partly by the reduction in the import share of primary commodities. The second point, however, should be taken cautiously, because the precision of the estimates is not high enough to draw a definite conclusion.
DOI：
10.3386/w2542
发表时间：
1988-03
期刊：
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影响因子：
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作者：
Kenneth A. Froot;P. Klemperer
通讯作者：
Kenneth A. Froot;P. Klemperer
通缩日本的汇率传导：日元贬值对抗通货紧缩效果如何？
DOI：
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发表时间：
2006
期刊：
Japan's Great Stagnation : Financial and Monetary Policy Lessons for Advanced Economies MIT Press
影响因子：
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作者：
CHINO;Tetsuro;Eiji Fujii
通讯作者：
Eiji Fujii