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El Rol de Asimetrías en el Pass-Through: Evidencia para Chile

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  • Lucas Bertinatto
  • Diego Saravia

Abstract

This paper evaluates the role of non-structural factors in explaining the degree of pass-through of exchange rate movements to the general price level in the Chilean economy. We review the mechanisms that explain the presence of asymmetries and the results obtained by earlier studies for Chile. We estimate a Phillips curve allowing for, and assessing, the presence of non-linear effects in the pass-through of an exchange rate movement to prices since the adoption of inflation targeting. The results suggest that the degree of pass-through depends on the own characteristics of the exchange rate shock, mainly its expected persistence. The sign of the exchange rate variation also plays an important role. The evidence indicates that the state of the economy (output gap and real exchange rate gap) is less influential.

Suggested Citation

  • Lucas Bertinatto & Diego Saravia, 2015. "El Rol de Asimetrías en el Pass-Through: Evidencia para Chile," Working Papers Central Bank of Chile 750, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:750
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    Cited by:

    1. Mrs. Esther Perez Ruiz, 2016. "Outside the Band: Depreciation and Inflation Dynamics in Chile," IMF Working Papers 2016/129, International Monetary Fund.
    2. Alberto Naudon & Joaquín Vial, 2016. "The evolution of inflation in Chile since 2000," BIS Papers chapters, in: Bank for International Settlements (ed.), Inflation mechanisms, expectations and monetary policy, volume 89, pages 93-116, Bank for International Settlements.
    3. Michael Pedersen, 2016. "Propagation of inflationary shocks in Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 19(3), pages 004-025, December.
    4. Gabriela Contreras & Francisco Pinto, 2016. "Traspaso de tipo de cambio nominal a inflación desagregada en Chile," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 19(2), pages 154-170, August.

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