The Role of Monetary Policy Credibility on the Exchange Rate Pass-through during the Process of Globalization

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RAHIMI RAMIN; KHODAVAISI HASSAN

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Journal: JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS) Year:2019 | Volume:10 | Issue:1 Page(s): 37-64

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Title

The Role of Monetary Policy Credibility on the Exchange Rate Pass-through during the Process of Globalization

Author(s)

RAHIMI RAMIN | KHODAVAISI HASSAN | Issue Writer Certificate

Keywords

Monetary Policy CredibilityQ1

Exchange rate pass-throughQ1

Economic GlobalizationQ1

Abstract

Over time, countries are affected by economic, political, and social changes happening around the world. These mutually influential economic, political, and social changes among nations have called "globalization". The process of globalization has many supporters and opponents and is inevitably moving forward issue. The main question in the area of the pass-through of the exchange rate to consumer prices is to measure the role of the credibility of the monetary policy on the degree of Exchange rate pass-through to consumer prices in the process of globalization. In other words, whether a credible monetary policy is effective in reducing the pass-through of the exchange rate to consumer prices? The present study aims to answer the abovementioned question using the data of 32 developing countries and 24 developed countries during 1980 to 2015, using a Panel Smooth Transition Regression model to examine the degree of Exchange rate pass-through to consumer prices under different globalization regimes by concentrating on the calculation and application of the credibility of the monetary policy for different countries. The results of this study indicate that with the expansion of globalization process and the transition from the first regime (a regime in which countries have moved towards Economic Globalization to a less extent) to the second regime (A regime in which countries have a high degree of Economic Globalization), the degree of Exchange rate pass-through to consumer prices increases and decreases in developing and developed countries (with different impacts of the degree of Monetary Policy Credibility) respectively.

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APA: Copy

RAHIMI, RAMIN, & KHODAVAISI, HASSAN. (2019). The Role of Monetary Policy Credibility on the Exchange Rate Pass-through during the Process of Globalization. JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS), 10(1 ), 37-64. SID. https://sid.ir/paper/381287/en

Vancouver: Copy

RAHIMI RAMIN, KHODAVAISI HASSAN. The Role of Monetary Policy Credibility on the Exchange Rate Pass-through during the Process of Globalization. JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS)[Internet]. 2019;10(1 ):37-64. Available from: https://sid.ir/paper/381287/en

IEEE: Copy

RAMIN RAHIMI, and HASSAN KHODAVAISI, “The Role of Monetary Policy Credibility on the Exchange Rate Pass-through during the Process of Globalization,” JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS), vol. 10, no. 1 , pp. 37–64, 2019, [Online]. Available: https://sid.ir/paper/381287/en

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