Average Pass-Through Over Time Predicted by the Model with the Full Set of Interaction Terms*
Citation: IMF Working Papers 2013, 023; 10.5089/9781475525717.001.A001Sources: Authors' calculations* The Figure depicts the average pass-through estimate in the sample over time as predicted by the PVAR model. The right vertical axis shows the average pass-through. The differently colored blocks of the respective columns show the contribution of each country characteristic to the deviation from the average at each point in time. The respective contribution is measured on the left vertical axis.