Nonlinear pass-through of exchange rate shocks on inflation : a bayesian smooth transition VAR approach

Borradores de Economia
Number: 
930
Published: 
Classification JEL: 
F31, E31, E52, C51, C52
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Determining the exchange rate pass-through on inflation is a necessity for central banks as well as for firms and households. This is an apparently easy and intuitive task, but it faces high complexity and uncertainty. This paper examines the nature of th