We analyse the economic conditions (the “shocks”) behind currency movements and show how that analysis can help address a range of questions, focussing on exchange rate pass-through to prices. We build on a methodology previously developed for the UK and adapt this framework so that it can be applied to a diverse sample of countries using widely available data. The paper provides three examples of how this enriched methodology can be used to provide insights into pass-through and other questions. First, it shows that exchange rate movements caused by monetary policy shocks consistently correspond to significantly higher pass-through than those caused by demand shocks in a cross-section of countries, confirming earlier results for the UK. Second, it shows that the underlying shocks (especially monetary policy shocks) are particularly important for understanding the time-series dimension of pass-through, while the standard structural variables highlighted in the previous literature are most important for the cross-section dimension. Finally, the paper explores how the methodology can be used to shed light on the effects of monetary policy and the debate on “currency wars”: it shows that the role of monetary policy shocks in driving the exchange rate has increased moderately since the global financial crisis in advanced economies.

我们分析了汇率变动背后的经济状况（“冲击”），并说明了该分析如何帮助解决一系列问题，重点是汇率对价格的传递。我们以先前为英国开发的方法为基础，并对该框架进行了调整，以便可以使用广泛获得的数据将其应用于不同国家的样本中。本文提供了三个示例，说明如何使用这种丰富的方法来提供对传递和其他问题的见解。首先，它表明，由货币政策冲击引起的汇率变动始终比在其他国家/地区由需求冲击引起的汇率变动显着高，这证实了英国早先的结果。第二，它表明潜在的冲击（尤其是货币政策冲击）对于理解传递的时间序列维度特别重要，而先前文献中强调的标准结构变量对于横截面维度最为重要。最后，本文探讨了如何使用该方法论来阐明货币政策的影响以及有关“货币战争”的辩论：它表明，自全球金融危机以来，货币政策冲击在驱动汇率中的作用已适度增加发达经济体的危机。