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We use detailed data for Iceland to examine two often-neglected aspects of the  exchange rate pass-through  problem. First, we investigate whether the pass-through coefficient varies with the degree of  international tradability  of goods. Second, we analyze if the pass-through coefficient depends on the monetary policy framework. We consider 12 disaggregated price indexes in Iceland for 2003–2019, a period that includes Iceland’s banking and currency crisis of 2008. We find that the pass-through declined around the time Iceland reformed its  flexible inflation targeting , and that the coefficients are significantly higher for tradable than for nontradables.

Exchange Rate Pass-Through, Monetary Policy, and Real Exchange Rates: Iceland and the 2008 Crisis