This paper analyzes exchange-rate dynamics following a money-based disinflation under different degrees of exchange-rate pass-through.
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Figure 1 shows results for s = 0.5 (the plot with stars) and s = 1.0 (the plot with diamonds), both cases representing incomplete pass-through.
However, while the pass-through is high, complying with this objective implies achieving a stable exchange rate.
For an exchange-rate-based policy, the degree of exchange-rate pass-through makes little difference to lớn the impact of a disinflation.
The most recent data suggest that the pass-through has fallen substantially since 1999.
Varying the degree of pass-through, however, significantly alters the magnitudes of these effects.
Nominal stability will remain under question until the high inflationary pass-through of depreciation has been eliminated.
Analyzing the effects of disinflation under incomplete pass-through, however, significantly alters the magnitudes of these effects.
Figure 1 shows that the responses of the exchange rate and many other variables are significantly different when there is incomplete pass-through.
So, even when s = 1, there is some degree of pass-through from exchange-rate changes to lớn consumer prices.
This paper analyzes exchange-rate dynamics following a money-based disinflation under different degrees of exchange rate pass-through.
If there are no movements in the nominal exchange rate, then the presence, or indeed the extent, of pass-through becomes irrelevant.
Figure 2 shows the effects of reducing the degree of price inertia also for the incomplete pass-through cases.
Obviously, this incongruity disappears if the pass-through decreases significantly.
While the upper floors liên kết the two previously unconnected engineering buildings, on the ground floor the building works as a transverse 'pass-through' building.
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