This paper documents a sustained decline in exchange rate pass-through to U.S. import prices, from above 0.5 during the … robust to the measure of foreign prices that is included in the regression (i.e., CPI versus PPI), whether the estimation is … done in levels or differences, and whether U.S. prices are included as an explanatory variable. Notably, the largest …

In this paper we construct a new measure of U.S. prices relative to those of its trading partners and use it to … relative U.S. prices have increased significantly over the past 15 years. In terms of simple correlations, the relationship … between our measure of relative prices and U.S. net exports is much more coherent than that between existing REERs and net …