| 词汇 | pass-through |
| 释义 | pass-through noun ukus [ C or U ] COMMERCE (alsopass-along) an increase in the price a customer pays because of an increase in a company's costs: Despite the increased price of raw materials, we want to avoid pass-through or we risk losing customers. [ C ] FINANCE (alsopass-through security) an arrangement in which a financial organization buys loans from a bank and sells bonds representing these loans to investors. The payments on the loans are then used to pay interest to the investors and pay back the bonds: A trader of 30-year pass-throughs said volume for the day at his firm was about $50 million. Examples of pass-throughpass-through This paper analyzes exchange-rate dynamics following a money-based disinflation under different degrees of exchange-rate pass-through. Figure 1 shows results for s = 0.5 (the plot with stars) and s = 1.0 (the plot with diamonds), both cases representing incomplete pass-through. However, while the pass-through is high, complying with this objective implies achieving a stable exchange rate. For an exchange-rate-based policy, the degree of exchange-rate pass-through makes little difference to the impact of a disinflation. The most recent data suggest that the pass-through has fallen substantially since 1999. Varying the degree of pass-through, however, significantly alters the magnitudes of these effects. Nominal stability will remain under question until the high inflationary pass-through of depreciation has been eliminated. Analyzing the effects of disinflation under incomplete pass-through, however, significantly alters the magnitudes of these effects. Figure 1 shows that the responses of the exchange rate and many other variables are significantly different when there is incomplete pass-through. So, even when s = 1, there is some degree of pass-through from exchange-rate changes to consumer prices. This paper analyzes exchange-rate dynamics following a money-based disinflation under different degrees of exchange rate pass-through. If there are no movements in the nominal exchange rate, then the presence, or indeed the extent, of pass-through becomes irrelevant. Figure 2 shows the effects of reducing the degree of price inertia also for the incomplete pass-through cases. Obviously, this incongruity disappears if the pass-through decreases significantly. While the upper floors link the two previously unconnected engineering buildings, on the ground floor the building works as a transverse 'pass-through' building. See all examples of pass-through These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
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