2016-03-022016-03-022016-03-022016-03-02https://repositorio.banrep.gov.co/handle/20.500.12134/6241Determining the exchange rate pass-through on inflation is a necessity for central banks as well as for firms and households. This is an apparently easy and intuitive task, but it faces high complexity and uncertainty. This paper examines the nature of thPDFspaOpen AccessWorking PaperC52 - Model Evaluation, Validation, and SelectionF31 - Foreign ExchangeE31 - Price Level; Inflation; DeflationE52 - Monetary PolicyC51 - Model Construction and EstimationExchange rate pass-throughPricing along the distribution chainEndogeneityNonlinearityAsymmetryLogistic smooth transition VAR (LST-VAR)Bayesian approachInflaciónPolítica monetariaTipos de cambioIncertidumbre (Economía)Acceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0C51 - Construcción de modelos y estimaciónC52 - Evaluación, contraste y selección de modelosE52 - Política monetariaF31 - Tipos de cambioE31 - Nivel de precios; Inflación; DeflaciónLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.https://hdl.handle.net/20.500.12134/6241