TY  - JOUR
AU  - Baldwin,Richard
TI  - Some Empirical Evidence on Hysteresis in Aggregate US Import Prices
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2483
PY  - 1988
Y2  - 1988
UR  - http://www.nber.org/papers/w2483
L1  - http://www.nber.org/papers/w2483.pdf
N1  - Author contact info:
Richard Baldwin
Cigale 2
1010 Lausanne
SWITZERLAND
Tel: 41-22-908-5900
E-Mail: rbaldwin@cepr.org
AB  - This paper empirically investigates the hypothesis that hysteresis has occurred in US aggregate non-oil import prices. We find strong evidence that a shift has occurred in the exchange rate pass-through relationship in the 1980~~ and that the nature of the shift is consistent with the hysteresis hypothesis. Results on two specific structural models of this phenomenon (the beachhead model and the bottleneck model) are less conclusive. The data broadly support both models, but neither by itself can provide a convincing accounting of all the evidence.
ER  -