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Exchange Rate Pass-Through Over the Business Cycle in Singapore, Siang Tan, Joey Chew, Sam Ouliaris

Creator
Abstract
This paper investigates exchange rate pass-through in Singapore using band-pass spectral regression techniques, allowing for asymmetric effects over the business cycle. First stage pass-through is estimated to be complete and relatively quick, confirming existing views that the exchange rate provides an effective tool to moderate imported inflation in Singapore. Asymmetric pass-through effects over the business cycle are also detected, with importers passing on a smaller share of exchange rate movements during boom periods as compared to recessions. This result suggest that Singapore’s exchange rate policy could afford to "lean against the wind," especially during cyclical expansions
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Literature Review; III. First Stage Exchange Rate Pass-Through; A. Analytical Framework; B. Estimation Results; Table 1. Estimates of the Long-run Coefficients, 1980:3-2010:3; C. Pass-Through over the Business Cycle; Table 2. Exchange Rate Pass-Through Estimates Over the Business Cycle, 1980:3 - 2010:3; Table 3. Asymmetric Pass-Through over the Business Cycle, 1980:3 - 2010:3; IV. Second Stage Pass-Through; A. Analytical Framework; B. Estimation Results; Table 4. Long-Run Pass-Through to Consumer Prices, 1991:1-2007:4
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (46 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781462384914

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