Exchange rate pass-through and inflation targets in Chile

Using quarterly data on the Chilean economy from 1986 to 2009, this article looks at the effect of gradual implementation of an inflation-targeting regime on exchange rate pass-through to prices. Initially, the introduction of inflation-targeting contributes to substantial reductions in the pass-thr...

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Autores principales:	Mujica, Patricio, Saens, Rodrigo
Formato:	Texto
Lenguaje:	English
Publicado:	2016
Materias:	POLITICA MONETARIA TIPOS DE CAMBIO MONEDAS INFLACION MONETARY POLICY FOREIGN EXCHANGE RATES CURRENCY INFLATION
Acceso en línea:	http://hdl.handle.net/11362/40068
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id	oai-11362-40068
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spelling	oai-11362-400682020-03-06T16:50:27Z Exchange rate pass-through and inflation targets in Chile Mujica, Patricio Saens, Rodrigo POLITICA MONETARIA TIPOS DE CAMBIO MONEDAS INFLACION MONETARY POLICY FOREIGN EXCHANGE RATES CURRENCY INFLATION Using quarterly data on the Chilean economy from 1986 to 2009, this article looks at the effect of gradual implementation of an inflation-targeting regime on exchange rate pass-through to prices. Initially, the introduction of inflation-targeting contributes to substantial reductions in the pass-through coefficient. However, in the second phase of implementation, once the monetary authority extends the policy horizon and introduces greater flexibility into the exchange rate system, the pass-through coefficient rises sharply. The findings of this study show that exchange rate pass-through to prices, in addition to being sensitive to the inflationary environment, is closely tied to the rules of the game that shape the monetary policy framework. 2016-04-21T13:02:00Z 2016-04-21T13:02:00Z 2015-12 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/40068 LC/G.2652-P 8 en CEPAL Review CEPAL Review 117 .pdf application/pdf CHILE CHILE
institution	Cepal
collection	Cepal
language	English
topic	POLITICA MONETARIA TIPOS DE CAMBIO MONEDAS INFLACION MONETARY POLICY FOREIGN EXCHANGE RATES CURRENCY INFLATION
spellingShingle	POLITICA MONETARIA TIPOS DE CAMBIO MONEDAS INFLACION MONETARY POLICY FOREIGN EXCHANGE RATES CURRENCY INFLATION Mujica, Patricio Saens, Rodrigo Exchange rate pass-through and inflation targets in Chile
description	Using quarterly data on the Chilean economy from 1986 to 2009, this article looks at the effect of gradual implementation of an inflation-targeting regime on exchange rate pass-through to prices. Initially, the introduction of inflation-targeting contributes to substantial reductions in the pass-through coefficient. However, in the second phase of implementation, once the monetary authority extends the policy horizon and introduces greater flexibility into the exchange rate system, the pass-through coefficient rises sharply. The findings of this study show that exchange rate pass-through to prices, in addition to being sensitive to the inflationary environment, is closely tied to the rules of the game that shape the monetary policy framework.
format	Texto
author	Mujica, Patricio Saens, Rodrigo
author_facet	Mujica, Patricio Saens, Rodrigo
author_sort	Mujica, Patricio
title	Exchange rate pass-through and inflation targets in Chile
title_short	Exchange rate pass-through and inflation targets in Chile
title_full	Exchange rate pass-through and inflation targets in Chile
title_fullStr	Exchange rate pass-through and inflation targets in Chile
title_full_unstemmed	Exchange rate pass-through and inflation targets in Chile
title_sort	exchange rate pass-through and inflation targets in chile
publishDate	2016
url	http://hdl.handle.net/11362/40068
work_keys_str_mv	AT mujicapatricio exchangeratepassthroughandinflationtargetsinchile AT saensrodrigo exchangeratepassthroughandinflationtargetsinchile
_version_	1718434132662419456

Exchange rate pass-through and inflation targets in Chile

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