An extensive empirical literature explores why exchange rate pass-through to prices varies across countries, with limited analysis of why pass-through can also vary meaningfully over time. We develop a methodology to better understand pass-through for a diverse sample of economies by explicitly...

Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It highlights the central importance of two...

A major challenge for monetary policy has been predicting how exchange rate movements will impact inflation. We propose a new focus: incorporating the underlying shocks that cause exchange rate fluctuations when evaluating how these fluctuations "pass through" into import and consumer prices. We...