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Original Articles

Effects of exchange-rate variability on inflation variability: some additional evidence

Pages 453-457 | Published online: 05 Oct 2010
 

Abstract

This study re-examines the hypothesis that exchange-rate variability is another factor contributing to inflation variability. The analysis uses cross-country data for 41 countries over the current floating exchange-rate era. It employs the instrumental variable estimator, Emery's (1993) specification suggestions, centering of data technique and a longer and more recent sample period (1973Q1–1990Q4). The empirical evidence supports the above hypothesis and strengthens the case for stable exchange-rate policies.

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