A note on the pass-through from exchange rate and foreign price changes to inflation in selected emerging market economies

Abstract

This note presents estimates of the pass-through of exchange rate changes and import price changes (measured in foreign currency) into domestic inflation in a group of 13 emerging market economies. The note focuses on the variation in the pass-through elasticities across and within countries, and on their evolution during the 1980s and 1990s. The model and estimation methods used are very simple and are intended to illustrate how the pass-through effects can be analysed with only a few data series in a “bare bones” framework that could be easily replicated by analysts and interpreted by policymakers in the emerging market economies. The main findings are as follows:

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