Currency Choice and Exchange Rate Pass-through ∗

  title={Currency Choice and Exchange Rate Pass-through ∗},
  author={Gita Gopinath and Oleg Itskhoki},
In the open economy macro literature with nominal rigidities, the currency in which goods are priced has important implications for optimal monetary and exchange rate policy and for exchange rate pass-through. We show, using novel data on currency and prices for U.S. imports, that even conditional on a price change, there is a large difference in the pass-through of the average good priced in dollars (25%) versus non-dollars (95%). We document this to be the case across countries and within… CONTINUE READING
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