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Board of Governors of the Federal Reserve System

International Finance Discussion Papers

Number 883

December 2006

Measurement Matters for Modeling U.S. Import Prices

Charles P. Thomas

and

Jaime Marquez

NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate
discussion and critical comment. References in publications to International Finance Discussion Papers
(other than an acknowledgment that the writer has had access to unpublished material) should be cleared
with the author or authors. Recent IFDPs are available on the Web at www.federalreserve.gov/pubs/ifdp/.
Measurement Matters for Modeling U.S. Import Prices

Charles P. Thomas

and

Jaime Marquez

Abstract: We focus on capturing the increasingly important role that emerging economies play in determining
U.S. import prices. Emerging market producers differ from others in two respects: (1) their cost structure is
well below that of developed-market producers, and (2) their wide profit margins induce pricing policies that
seek to exhaust production capacity. We argue that these features have dampened the short-run responses of
import prices to changes in the value of the dollar but that they have not altered the associated long-run
response. To capture these considerations, we develop a new method to measure foreign prices and adopt a
formulation that differentiates between short- and long-run responses.
Our econometric work asks two questions: First, can one replicate the literature's dispersion of pass-
through estimates? Second, is there any evidence of a change in the dynamic response of import prices to
changes in the exchange value of the dollar? To address the first question, we estimate the parameters of our
models using several alternative measures of U.S. and foreign prices, dynamic specifications, and sample
periods. We find that these alternative inputs translate into a large range of parameter estimates, a finding that
helps to rationalizing the existing dispersion of estimates. To address the second question, we compute the
implied dynamic adjustment of import prices to a change in the value of the dollar using parameters estimated
from two samples: 1974-2000 and 1974-2005. The long-run response of import prices is similar regardless of
which sample is used---roughly one-half of the change in the exchange rate is passed through to import prices.
However, the short-run response is quite sensitive to the sample period. Specifically, the short-run response
based on data through 2005 is smaller than the short-run response based on data through 2000. We argue that
one force behind the change in dynamics of the import-price process is the greater presence of producers from
emerging economies and that their effect on import prices can be captured with their measure of foreign
prices.

JEL classifications: F17, F41, C51, C53
Keywords: aggregation methods, automated specification, exchange rates, pass-through, Penn World
Tables.

E-mail addresses are thomasc@frb.gov and jaime.marquez@frb.gov. We are grateful to Neil Ericsson,
Joe Gagnon, Jane Ihrig, Mario Marazzi, Trevor Reeve, Nathan Sheets, and Robert Vigfusson for their
detailed comments. A previous version of this paper was presented in the workshop series of the Federal
Reserve Board and the meetings of the Fall 2005 meetings of the Midwest International Economics
Group. The calculations use PcGets; see Hendry and Krolzig (2001). The views in this paper are solely
the responsibility of the author(s) and should not be interpreted as reflecting the views of the Board of
Governors of the Federal Reserve System or of any other person associated with the Federal Reserve
System. This paper can be downloaded without charge from the Social Science Research Network
electronic library at http://www.ssrn.com/ .
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5
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516 Phdvxulqj dqg Prgholqj

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oq Sp @ .   oq Si .   oq S| .   oq Sfrp > +9,
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7
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7 Hfrqrphwulf Uhvxowv

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41 wkh hfrqrphwulf vshflfdwlrq= htxdwlrq +7, yhuvxv htxdwlrq +8,>

51 wkh phdvxuh ri X1V1 sulfhv/ S|w = JGS gh dwru iru jrrgv dqg vhuylfhv +J)V,/ JGS gh dwru iru
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61 wkh phdvxuh ri iruhljq sulfh/ Siw = jhrphwulf djjuhjdwh dqg Glylvld djjuhjdwh>

71 wkh zhljkwlqj vfkhph/ zlw = X1V1 elodwhudo qrq0rlo lpsruwv +qrq0rlo, wr xvlqj X1V1 wudgh frpshwlwlyh0
qhvv +eurdg,>

81 wkh hvwlpdwlrq shulrg= 4<:705333 dqg 4<:7053381

Edvhg rq wkh ixoo vdpsoh/ jxuh 7 uhsruwv wkh orqj0uxq hvwlpdwhv ri wkh sulflqj wr pdunhw frh!flhqw/ 
e>
e Lqvshfwlrq ri wkh uhvxowv uhyhdov vhyhudo qglqjv1 Iluvw/
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dv vkrzq lq wkh wrs sdqho/ 
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9
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14
Table 1 : Augmented Dickey-Fuller Tests-1974-2005

Variable Lags t-adf beta Y_1 SER AIC Variable Lags t-adf beta Y_1 SER AIC

Import Price 3 -2.896 0.899 0.030 -6.891 Commodity 3 -4.712** 0.292 0.085 -4.783
2 -3.206* 0.907 0.029 -6.950 Price 2 -4.830** 0.243 0.090 -4.699
1 -2.173 0.938 0.032 -6.808 1 -4.936** 0.266 0.088 -4.755
0 -3.646* 0.906 0.034 -6.713 0 -3.952** 0.428 0.096 -4.620

GDP Deflator 3 -2.014 0.976 0.009 -9.321 GDP Deflator 3 -2.276 0.946 0.012 -8.756
Goods & Services 2 -2.574 0.971 0.009 -9.338 Goods 2 -2.613 0.941 0.011 -8.810
1 -1.721 0.981 0.009 -9.234 1 -2.434 0.950 0.011 -8.841
0 -8.198** 0.940 0.012 -8.752 0 -8.198** 0.891 0.013 -8.556

Foreign Price: 3 -2.410 0.901 0.047 -5.954 Foreign Price: 3 -2.302 0.904 0.050 -5.857
Geometric 2 -2.281 0.912 0.047 -5.994 Geometric 2 -2.152 0.915 0.049 -5.894
Non-oil Weights 1 -2.214 0.917 0.046 -6.044 Trade Weights 1 -2.080 0.920 0.049 -5.942
0 -2.971* 0.882 0.052 -5.838 0 -2.760 0.887 0.055 -5.747

Foreign Price: 3 -1.790 0.947 0.049 -5.866 Foreign Price: 3 -1.860 0.944 0.050 -5.845
Divisia 2 -1.723 0.953 0.049 -5.920 Divisia 2 -1.711 0.951 0.050 -5.888
Non-oil Weights 1 -1.572 0.958 0.049 -5.955 Trade Weights 1 -1.547 0.957 0.050 -5.917
0 -2.137 0.937 0.055 -5.741 0 -2.108 0.935 0.056 -5.692

Producer Price Index 3 -2.238 0.942 0.027 -7.051
2 -3.118* 0.931 0.027 -7.089
1 -2.036 0.949 0.032 -6.823
0 -4.723** 0.902 0.035 -6.637
Legend
t-ADF: augmented Dickey-Fuller Test; an'*' means that the test rejects the hypothesis of a unit root
beta Y-1: Coefficient of the level of the lagged dependent variable
AIC: Akaike information criterion
Rejection values 5%=-2.96; 1%=-3.67. Constant included.

15
Table 2: Long-run Coefficients: Level Specification--Sensitivity to Foreign Prices, U.S. Prices, Weighting Schemes, and Sample Periods

Foreign U.S. Weights Sample Pricing to Market Pass-through Commodity Lagged Dep. Var. Intercept Homogeneity Residuals (a)
Price Price coeff. se coeff. se coeff. se coeff. se coeff. se coeff. se SER Independ Homosk
Geometric
Goods & Nonoil 1974-2000 0.72 0.04 0.26 0.03 0.10 0.03 0e -- -0.31 0.12 1.09 0.06 0.014 0.35 0.54
Services 1974-2005 0.49 0.05 0.46 0.04 0e -- 0.29 0.06 0.36 0.13 0.95 0.06 0.018 0.02 0.76

Broad 1974-2000 0.71 0.04 0.27 0.03 0.10 0.02 0e -- -0.27 0.11 1.08 0.05 0.013 0.36 0.36
1974-2005 0.47 0.05 0.47 0.04 0e -- 0.29 0.06 0.41 0.13 0.94 0.06 0.017 0.02 0.66

Goods Nonoil 1974-2000 0.51 0.07 0.52 0.08 0e -- 0e -- 0e -- 1.03 0.11 0.028 0.07 0.57
1974-2005 0.56 0.12 0.47 0.12 0e -- 0.64 0.09 0e -- 1.03 0.17 0.026 0.39 0.69

Broad 1974-2000 0.50 0.06 0.52 0.06 0e -- 0.33 0.06 0e -- 1.03 0.08 0.025 0.08 0.78
1974-2005 0.53 0.09 0.49 0.10 0e -- 0.58 0.09 0e -- 1.03 0.13 0.026 0.18 0.62

PPI Nonoil 1974-2000 0.52 0.08 0.48 0.09 0e -- 0.56 0.16 0e -- 1.00 0.12 0.020 0.16 0.76
1974-2005 0.35 0.16 0.57 0.12 0e -- 0.66 0.15 0.45 0.35 0.91 0.20 0.020 0.49 0.51

Broad 1974-2000 0.54 0.05 0.46 0.06 0e -- 0.41 0.16 0e -- 1.00 0.08 0.018 0.12 0.76
1974-2005 0.46 0.05 0.50 0.05 0e -- 0.27 0.08 0.23 0.13 0.95 0.07 0.020 0.05 0.52
Divisia
Goods & Nonoil 1974-2000 0.77 0.07 0.18 0.05 0.13 0.04 0.33 0.08 -0.42 0.20 1.08 0.09 0.014 0.44 0.68
Services 1974-2005 0.26 0.21 0.48 0.18 0e -- 0.69 0.08 0.98 0.40 0.75 0.28 0.021 0.02 0.09

Broad 1974-2000 0.78 0.07 0.17 0.05 0.13 0.04 0.32 0.08 -0.39 0.19 1.08 0.09 0.014 0.40 0.50
1974-2005 0.27 0.20 0.47 0.14 0e -- 0.68 0.08 1.02 0.38 0.74 0.24 0.022 0.16 0.05

Goods Nonoil 1974-2000 0.55 0.04 0.42 0.04 0e -- 0.30 0.08 0e -- 0.97 0.06 0.022 0.03 0.53
1974-2005 0.73 0.08 0.35 0.04 0.06 0.03 0.18 0.09 -0.73 0.25 1.14 0.09 0.018 0.01 0.96

Broad 1974-2000 0.79 0.07 0.34 0.03 0e -- 0e -- -0.70 0.19 1.13 0.08 0.020 0.04 0.88
1974-2005 0.78 0.06 0.34 0.03 0e -- 0e -- -0.70 0.17 1.13 0.07 0.019 0.02 0.79

PPI Nonoil 1974-2000 0.63 0.03 0.32 0.03 0e -- 0.33 0.13 0e -- 0.95 0.04 0.015 0.22 0.29
1974-2005 0.15 0.28 0.47 0.16 0e -- 0.78 0.12 1.51 0.74 0.63 0.32 0.020 0.46 0.37

Broad 1974-2000 0.63 0.03 0.32 0.03 0e -- 0.29 0.12 0e -- 0.95 0.04 0.014 0.23 0.39
1974-2005 0.19 0.25 0.46 0.14 0e -- 0.76 0.12 1.41 0.64 0.65 0.29 0.020 0.38 0.48
0e: Algorithm excludes explanatory variable from specification.
(a): Entries for "Independ" and "Homosk" are significance levels for rejecting the hypothesis of serial independence and homoskedasticity.
16
Table 3: Long-run Coefficients; Growth Specification--Sensitivity to Foreign Prices, U.S. Prices, Weighting Schemes, and Sample Periods

Foreign U.S. Weights Sample Pricing to Market Pass-through Commodity Lagged Dep. Var. Intercept Homogeneity Residuals(a)
Price Price coeff se coeff se coeff se coeff se coeff se coeff se SER Independ. Homosk
Geometric
Goods & Nonoil 1974-2000 0.73 0.11 0.37 0.09 0.09 0.03 0e -- 0e -- 1.18 0.15 0.022 0.91 0.82
Services 1974-2005 0.71 0.11 0.36 0.09 0.07 0.03 0e -- 0e -- 1.14 0.14 0.022 0.96 0.44

Broad 1974-2000 0.75 0.11 0.35 0.08 0.09 0.03 0e -- 0e -- 1.19 0.14 0.022 0.23 0.91
1974-2005 0.72 0.11 0.35 0.08 0.08 0.03 0e -- 0e -- 1.15 0.14 0.022 0.89 0.69

Goods Nonoil 1974-2000 0.83 0.16 0.42 0.10 0.10 0.04 0e -- 0e -- 1.36 0.19 0.026 0.70 0.98
1974-2005 0.85 0.15 0.41 0.09 0.09 0.04 0e -- 0e -- 1.36 0.18 0.024 0.76 0.97

Broad 1974-2000 0.86 0.16 0.40 0.10 0.11 0.04 0e -- 0e -- 1.37 0.19 0.026 0.60 0.97
1974-2005 0.88 0.14 0.39 0.08 0.10 0.04 0e -- 0e -- 1.37 0.17 0.024 0.62 0.88

PPI Nonoil 1974-2000 0.58 0.10 0.47 0.08 0.06 0.03 0e -- 0e -- 1.11 0.13 0.022 0.57 0.05
1974-2005 0.52 0.11 0.44 0.09 0.08 0.05 0e -- 0e -- 1.04 0.15 0.024 0.57 0.23

Broad 1974-2000 0.60 0.09 0.45 0.07 0.06 0.03 0e -- 0e -- 1.11 0.12 0.022 0.35 0.04
1974-2005 0.49 0.12 0.46 0.10 0.11 0.06 0.10 0.11 0e -- 1.05 0.17 0.024 0.53 0.67
Divisia
Goods & Nonoil 1974-2000 0.72 0.12 0.33 0.09 0.09 0.04 0e -- 0e -- 1.14 0.15 0.023 0.96 0.55
Services 1974-2005 1.01 0.16 0.36 0.08 0.08 0.03 0e -- -0.02 0.01 1.44 0.18 0.021 0.99 0.71

Broad 1974-2000 0.72 0.12 0.33 0.08 0.10 0.04 0e -- 0e -- 1.14 0.15 0.023 0.94 0.79
1974-2005 1.00 0.16 0.34 0.08 0.08 0.03 0e -- -0.02 0.01 1.43 0.18 0.022 0.96 0.70

Goods Nonoil 1974-2000 0.83 0.16 0.39 0.09 0.10 0.04 0e -- 0e -- 1.33 0.19 0.026 0.68 0.89
1974-2005 0.77 0.15 0.36 0.08 0.15 0.05 0e -- 0e -- 1.28 0.17 0.023 0.49 0.95

Broad 1974-2000 0.83 0.16 0.39 0.09 0.11 0.04 0e -- 0e -- 1.32 0.19 0.026 0.64 0.93
1974-2005 0.77 0.15 0.35 0.08 0.16 0.05 0e -- 0e -- 1.28 0.17 0.023 0.40 0.93

PPI Nonoil 1974-2000 0.55 0.10 0.41 0.07 0.12 0.05 0e -- 0e -- 1.08 0.13 0.022 0.24 0.87
1974-2005 0.59 0.12 0.44 0.09 0.08 0.06 0e -- -0.01 0.01 1.11 0.16 0.024 0.68 0.82

Broad 1974-2000 0.54 0.10 0.40 0.07 0.13 0.05 0e -- 0e -- 1.07 0.13 0.022 0.20 0.72
1974-2005 0.58 0.12 0.42 0.09 0.09 0.06 0e -- -0.01 0.01 1.09 0.16 0.025 0.60 0.78
0e: Algorithm excludes explanatory variable from specification.
(a): Entries for "Independ" and "Homosk" are significance levels for rejecting the hypothesis of serial independence and homoskedasticity.
17
Wdeoh 7= Orqj0uxq Frh!flhqw Hvwlpdwhv  ROV/ 4<:705338
Vhohfwhg Vshflfdwlrqv
+vwdqgdug huuruv lq sduhqwkhvhv,
Irupxodwlrqvd
Vj Vg
4<:705333 4<:705338 4<:705333 4<:705338

Sulflqj wr Pdunhw 3183 3186 3187 318;
+3139, +313<, +3143, +3145,

Sdvv0wkurxjk 3185 317< 3173 3175
+3139, +3143, +313:, +313<,

Shuvlvwhqfh 3166 318; 0 
+3139, +313<,

Krprjhqhlw|e 4136 4136 413: 413<
+313;, +3147, +3146, +3148,

d Irupxodwlrqv

V j = Htxdwlrq +7, zlwk jhrphwulf phdvxuh ri iruhljq sulfhv dqg JGS0jrrgv gh dwru iru X1V1 sulfhv1

V g = Htxdwlrq +8, zlwk Glylvld phdvxuh ri iruhljq sulfhv dqg SSL iru X1V1 sulfhv1

e Vxp ri sulflqj wr pdunhw dqg sdvv0wkurxjk frh!flhqwv> vwdqgdug huuru frpsxwhg zlwkrxw wdnlqj
lqwr dffrxqw wkh fryduldqfh ri wkh hvwlpdwhv1

18
U.S. Weighted Average Relative Prices*
Index with
120 1972 = 100
Geometric−

110 Trade weights

Non−oil weights Divisia
100 Trade weights

Non−oil weights
90

80

1970 1975 1980 1985 1990 1995 2000 2005
500 Index with Measures of Dollar Foreign Prices
1972 = 100
Divisia
400 Non−oil weights
Trade weights

300
Geometric−

Trade weights
200 Non−oil weights

100
1970 1975 1980 1985 1990 1995 2000 2005
* Series re−scaled to 100 in first common date

Iljxuh 4= X1V1 Lqwhuqdwlrqdo Uhodwlyh Sulfhv dqg Djjuhjdwh Iruhljq0JGS Gh dwruv

19
Levels Measures of U.S. Prices
Overall GDP deflator
GDP−goods deflator
140 PPI

120 Series re−scaled to 100
in First Data Common Date

100

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
Growth Rates
0.15

0.10

0.05

0.00

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Iljxuh 5= Dowhuqdwlyh Phdvxuhv ri X1V1 Sulfhv

20
Core Import Price Index Core Import Price Index
150 Foreign Dollar Price − Geometric* 150 Foreign Dollar Price − Divisia*
GDP Deflator − Goods and Services GDP Deflator − Goods and Services

100 100

50 50

1970 1980 1990 2000 1970 1980 1990 2000

Core Import Price Index Core Import Price Index
150 Foreign Dollar Price − Geometric* 150 Foreign Dollar Price − Divisia*
GDP Deflator − Goods GDP Deflator − Goods

100 100

50 50

1970 1980 1990 2000 1970 1980 1990 2000
* Non−oil weights

Iljxuh 6= Lpsruw Sulfhv/ Grphvwlf dqg Iruhljq Sulfh Ohyhov

21
1.20
Pricing to Market ( )
Sensitivity to Measure of Foreign Prices
1974-2005
1.00
Geometric Divisia

0.80

0.60

0.40

0.20
Not
significant

0.00
G&S, G&S, Goods, Goods, PPI, PPI, G&S, G&S, Goods, Goods, PPI, PPI,
nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad

Level eq. Growth Eq.

0.60
Exchange-rate Pass-through ( )
Geometric Sensitivity to Measure of Foreign Prices Divisia
1974-2005
0.50

0.40

0.30

0.20

0.10

0.00
G&S, G&S, Goods, Goods, PPI, PPI, G&S, G&S, Goods, Goods, PPI, PPI,
nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad

Level eq. Growth eq.

Iljxuh 7= Orqj0uxq Frh!flhqw Hvwlpdwhv  Vhqvlwlylw| wr Hvwlpdwlrq Ghvljq

22
Geometric Foreign Price
0.60
Level Eq. Growth Eq.
0.50
1974-2000
1974-2005
0.40

0.30

0.20

0.10

0.00
G&S, G&S, Goods, Goods, PPI, PPI, G&S, G&S, Goods, Goods, PPI, PPI,
nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad

Divisa Foreign Price
0.60
Level Eq. Growth Eq.
0.50

0.40

0.30

0.20

0.10

0.00
G&S, G&S, Goods, Goods, PPI, PPI, G&S, G&S, Goods, Goods, PPI, PPI,
nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad

e Dowhuqdwlyh Vdpsoh Shulrgv
Iljxuh 8= Orqj0uxq Hvwlpdwhv ri H{fkdqjh0udwh Sdvv0wkurxjk +,=

23
Geometric Foreign Price
1.20
Level Eq. Growth Eq.

1.00
1974-2000
1974-2005
0.80

0.60

0.40

0.20

0.00
G&S, G&S, Goods, Goods, PPI, PPI, G&S, G&S, Goods, Goods, PPI, PPI,
nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad

Divisia Foreign Price
1.20
Level Eq. Growth Eq.

1.00

0.80

0.60

0.40
n n
n n
0.20

0.00
G&S, G&S, Goods, Goods, PPI, PPI, G&S, G&S, Goods, Goods, PPI, PPI,
nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad nonoil broad

Iljxuh 9= Orqj0uxq Hvwlpdwhv ri Sulflqj0wr0Pdunhw +e
 ,= Dowhuqdwlyh Vdpsoh Shulrgv +q ghqrwhv qrw
vwdvwlfdoo| vljqlfdqw,1

24
0.60
Hypothetical Response of U.S. Import Prices (percent change)
Level Specification, 1974-2000
to a One Percent Sustained Depreciation of the Dollar
Geometric Foreign Price

0.50

0.40 Growth-rate Specification, 1974-2005
Divisia Foreign Price

0.30

Level Specification, 1974-2005
Geometric Foreign Price

0.20

0.10

Years After Shock
0.00
1 2 3 4 5 6 7 8 9 10 11 12

Iljxuh := Vkruw0 dqg Orqj0uxq H{fkdqjh0udwh Sdvv0wkurxjk= Dowhuqdwlyh Irupxodwlrqv

25
4.90 Import Prices (logs)

4.85 Summary Measures
Growth Equation
Mean Forecast Error RMSE with Divisia
4.80 Level Equation 5.8% 5.8% Foreign Price
Growth Equation −6.2% 8.1%

4.75

4.70
Actual
4.65

4.60 Level Equation
with Geometric
Foreign Price
4.55

4.50

1999 2000 2001 2002 2003 2004 2005 2006

Iljxuh ;= <8( Frqghqfh Edqgv iru H{0srvw G|qdplf H{wudsrodwlrqv ri Lpsruw Sulfhv

26
0.7
Pass−through Coefficient
Rolling Regression − Window of 15 years
0.6 Equation in Growth Rates

0.5

0.4
0.45

0.3

0.2
0.17

0.1

0.0

1990 1995 2000 2005

Iljxuh <= Hvwlpdwhg Vkruw0uxq H{fkdqjh0Udwh Sdvv0wkurxjk= Jurzwk0Udwh Prgho zlwk Uroolqj Uhjuhv0
vlrqv

27
0.75
^ 0.5
β’
^
~
ρ
0.50
0.0

0.25 −0.5

0.00 −1.0

1990 1995 2000 2005 1990 1995 2000 2005

0.50

0.25

0.00

−0.25
^ ^ ^
~ ~
−0.50 β =−β ρ

1990 1995 2000 2005

Iljxuh 43= Uroolqj Uhjuhvvlrq Hvwlpdwhv ri Huuru0Fruuhfwlrq Prgho

0.60

0.50

0.40

0.30

0.20

0.10

0.00
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Iljxuh 44= Orqj0uxq Hvwlpdwh ri H{fkdqjh0Udwh Sdvv0wkurxjk ri HuuruFruuhfwlrq Prgho= 0 e
e
h
h

28
0.60
Hypothetical Response of U.S. Import Prices (percent change)
to a One Percent Sustained Depreciation of the Dollar Level Specification, 1974-2000
Geometric Foreign Price

0.50

Growth-rate Specification, 1974-2005
Divisia Foreign Price

0.40
ECM, 1991-2005
Divisia Foreign Price

0.30
Level Specification, 1974-2005
Geometric Foreign Price
Growth-rate Specification
Rolling Regressions (last), 1991-2005
0.20
Divisia Foreign Price

0.10

Years After Shock
0.00
1 2 3 4 5 6 7 8 9 10 11 12

Iljxuh 45= Vkruw0 dqg Orqj0uxq H{fkdqjh0udwh Sdvv0wkurxjk= Dowhuqdwlyh Irupxodwlrqv dqg Vdpsoh0
vhohfwlrq Phwkrgv

29