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Aggregate Exchange Rate Pass-Through: Instability and Inference
Journal of Economic Integration
  • Will Melick, Kenyon College
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The instability displayed by aggregate, economic specifications of passthrough has been cited as evidence in theoretical models of passthrough that allow for hysteresis. This paper argues that 1) and unstable economic specification should not be used as evidence in favor of a theoretical model and 2) Aggregate models of passthrough are very misinformative, given the different market structures that are likely to be aggregated.
Citation Information
"Aggregate Exchange Rate Pass-Through: Instability and Inference", Journal of Economic Integration 9(4), December 1994, pp. 427-443.