Abstract
Over the last two decades, the United States and many other countries have imposed antidumping measures against foreign exporters or domestic importers by using “contemporaneous” exchange rates in determining the fair market value of imports. Prior research has shown that exchange rates impact import prices on a “lagged” basis. This study provides updated empirical evidence on exchange rate pass-through by analyzing quarterly U.S. import prices over the period of 1985:1 – 2010:4. The findings confirm that the influence of currency movements on import prices is, at best, only partial and takes place on a lagged basis. Thus, the method of antidumping initiatives undertaken by the U.S. agencies that relies on complete currency pass-through based on contemporaneous exchange rates is inappropriate.
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