摘要：This paper focuses on the pass-through of exchange rate changes into the
prices of imports made by euro area countries originating outside the area. Using
data on import unit values for thirteen different product categories for each country,
we estimate industry-specific rates of pass-through across and within countries for all
euro members. In the short-run, pass-through rates differ across industries and
countries and are less than one. In the long-run neither full pass-through nor equality
of pass-through rates across industries and countries can be rejected. Differences
exist across euro area countries in the degree that a common exchange rate
movement gets transmitted i nto consumer prices and costs of production indices.
Most of these differences in transmission rates are due to the distinct degree of
openness of each country to non-euro area imports rather than to the heterogeneity
in the structure of imports.
