This paper investigates exchange rate pass-through into consumer prices by considering
the nature of the shock triggering currency movements. By individually estimating structural …

We investigate inflation targeting (IT) in emerging markets, focusing on the role of the real
exchange rate and the distinction between commodity and non-commodity exporters. IT …

The global surge in energy costs poses a significant obstacle for the attainment of price
stability by the central banks across the world. This obstacle is further magnified for the …

Abstract The Working Papers should not be reported as representing the views of the Banco
Central do Brasil. The views expressed in the papers are those of the author (s) and do not …

Remittances are private monetary transfers across borders and thus, often, involve different
currencies. Yet, the rapidly growing literature on the subject often ignores the role that …

This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of
exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic …

Like many developing countries, remittances are relatively larger capital inflows in
Bangladesh in the recent years. Hence, understanding the impact of remittances on the …

Considering external constraints on monetary policy in emerging countries, we propose a
semi-structural vector autoregressive model with exogenous variables (VARX) to examine …

Whether or not inflation targeting adoption leads to increased volatility of exchange rates is
controversial. The volatility increases with inflation targeting as a result of the flexible …

This paper analyzes whether the exchange rate pass-through into prices changed when the
inflation targeting scheme was adopted in Peru. First, a simple dynamic stochastic general …