Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries

In recent years, several empirical studies have documented the decline in exchange-rate pass-through in peripheral countries. Conventional wisdom has interpreted this trend —verified in the last two decades— as the result of greater central bank credibility stemming from the implementation of formal...

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Autores principales:	Cherkasky, Martín, Abeles, Martín
Formato:	Texto
Lenguaje:	English
Publicado:	2019
Materias:	TIPOS DE CAMBIO POLITICA MONETARIA EMPLEO MERCADO DE TRABAJO PAISES EN DESARROLLO FOREIGN EXCHANGE RATES MONETARY POLICY EMPLOYMENT LABOUR MARKET DEVELOPING COUNTRIES
Acceso en línea:	http://hdl.handle.net/11362/44977
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spelling	oai-11362-449772019-12-04T16:35:26Z Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries Cherkasky, Martín Abeles, Martín TIPOS DE CAMBIO POLITICA MONETARIA EMPLEO MERCADO DE TRABAJO PAISES EN DESARROLLO FOREIGN EXCHANGE RATES MONETARY POLICY EMPLOYMENT LABOUR MARKET DEVELOPING COUNTRIES In recent years, several empirical studies have documented the decline in exchange-rate pass-through in peripheral countries. Conventional wisdom has interpreted this trend —verified in the last two decades— as the result of greater central bank credibility stemming from the implementation of formal inflation-targeting regimes. This paper offers an alternative interpretation, in line with the structuralist tradition, as it examines other instrumental transformations, concurrent with the establishment of inflationtargeting regimes, including ubiquitous labour market flexibilization. Empirical estimates for a set of peripheral countries for the period 1994–2016 show a marked correlation between the intensity of the exchange-rate pass-through and the weakening of labour market institutions. 2019-12-04T13:24:41Z 2019-12-04T13:24:41Z 2019-08-26 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/44977 LC/PUB.2019/11-P 1 en CEPAL Review CEPAL Review 128 .pdf application/pdf 1994 2016
institution	Cepal
collection	Cepal
language	English
topic	TIPOS DE CAMBIO POLITICA MONETARIA EMPLEO MERCADO DE TRABAJO PAISES EN DESARROLLO FOREIGN EXCHANGE RATES MONETARY POLICY EMPLOYMENT LABOUR MARKET DEVELOPING COUNTRIES
spellingShingle	TIPOS DE CAMBIO POLITICA MONETARIA EMPLEO MERCADO DE TRABAJO PAISES EN DESARROLLO FOREIGN EXCHANGE RATES MONETARY POLICY EMPLOYMENT LABOUR MARKET DEVELOPING COUNTRIES Cherkasky, Martín Abeles, Martín Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
description	In recent years, several empirical studies have documented the decline in exchange-rate pass-through in peripheral countries. Conventional wisdom has interpreted this trend —verified in the last two decades— as the result of greater central bank credibility stemming from the implementation of formal inflation-targeting regimes. This paper offers an alternative interpretation, in line with the structuralist tradition, as it examines other instrumental transformations, concurrent with the establishment of inflationtargeting regimes, including ubiquitous labour market flexibilization. Empirical estimates for a set of peripheral countries for the period 1994–2016 show a marked correlation between the intensity of the exchange-rate pass-through and the weakening of labour market institutions.
format	Texto
author	Cherkasky, Martín Abeles, Martín
author_facet	Cherkasky, Martín Abeles, Martín
author_sort	Cherkasky, Martín
title	Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
title_short	Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
title_full	Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
title_fullStr	Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
title_full_unstemmed	Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
title_sort	monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries
publishDate	2019
url	http://hdl.handle.net/11362/44977
work_keys_str_mv	AT cherkaskymartin monetaryregimesandlabourinstitutionsanalternativeinterpretationofthedownwardtrendinexchangeratepassthroughinperipheralcountries AT abelesmartin monetaryregimesandlabourinstitutionsanalternativeinterpretationofthedownwardtrendinexchangeratepassthroughinperipheralcountries
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Monetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries

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