Efectos del traspaso inflacionario del tipo de cambio a la inflación: Canadá, Estados Unidos y México, 1990-2015

In this paper the pass-through effects from exchange rate fluctuations to inflation in the North American Free Trade Agreement (NAFTA) economies are analyzed. In the econometric estimation, causality relations between the interest rate and the exchange rate are empirically assessed for the cases of Canada, The United States, and Mexico. Furthermore, the role of the exchange rate in the inflation targeting monetary policy framework of the NAFTA economies is dealt with. It is shown that both Canada and The United States face a negligible pass-through coefficient, while Mexico’s has declined along with inflation, although it remains positive.