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The influence of inflation targeting on the pass-through effect of the exchange rate

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  • Ph. S. Kartaev
  • Yu. I. Yakimova

Abstract

The paper studies the impact of the transition to the inflation targeting regime on the magnitude of the pass-through effect of the exchange rate to prices. We analyze cross-country panel data on developed and developing countries. It is shown that the transition to this regime of monetary policy contributes to a significant reduction in both the short- and long-term pass-through effects. This decline is stronger in developing countries. We identify the main channels that ensure the influence of the monetary policy regime on the pass-through effect, and examine their performance. In addition, we analyze the data of time series for Russia. It was concluded that even there the transition to inflation targeting led to a decrease in the dependence of the level of inflation on fluctuations in the ruble exchange rate.

Suggested Citation

  • Ph. S. Kartaev & Yu. I. Yakimova, 2018. "The influence of inflation targeting on the pass-through effect of the exchange rate," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
    • Handle: RePEc:nos:voprec:y:2018:id:1518
    DOI: 10.32609/0042-8736-2018-11-70-84
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    Cited by:

    1. Aleksandr Eliseev & Anna Novak & Andrey Shulgin, 2023. "Long-Term Exchange Rate Pass-Through to Prices," Russian Journal of Money and Finance, Bank of Russia, vol. 82(2), pages 21-51, June.

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