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Abstrak :
ABSTRAK
Romer (1993) bahwa terdapat hubungan yang negatif antara keterbukaan perdagangan dengan inflasi. Untuk melihat konsistensi dari hubungan tersebut, nilai exchange rate pass-through (ERPT) yang telah diestimasi diikutsertakan sebagai salah satu determinan penting untuk menjelaskan inflasi. Penelitian ini menggunakan data panel kuartalan yang bersifat unbalanced dari 6 (enam) negara Asia terpilih pada kurun waktu 1994 sampai dengan 2013. Hasil regresi penelitian ini menunjukkan bahwa terdapat hubungan yang negatif antara keterbukaan perdagangan dengan inflasi, tetapi hasil ini menjadi tidak signifikan ketika ERPT dimasukkan ke dalam persamaan regresi yang sama dengan keterbukaan perdagangan. Sementara itu, nilai ERPT selalu bersifat positif dan signifikan dalam menjelaskan inflasi di setiap model regresi yang digunakan. Hasil empiris ini membuktikan bahwa hipotesis Romer ditolak di negara-negara Asia dan pergerakan nilai tukar terhadap harga impor bersifat penting untuk menjelaskan kenaikan inflasi pada kawasan ini.

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ABSTRACT
This research tests the hypothesis first cited by Romer (1993) that there exists a negative relationship between trade openness and inflation. To verify the consistency of the relationship sign, estimated values of exchange rate passthrough (ERPT) to import prices are taken into account as an important determinant of inflation. This research examines the answer by employing unbalanced quarterly panel data in 6 (six) selected Asian countries under the period of 1994 to 2013. The result indicates that there exists a negative relationship between trade openness and inflation; however, it becomes not significant when ERPT values are included in the same regression equation with trade openness. On the other hand, ERPT is always positive and significant to explain inflation in every regression model employed. The empirical result confirms the rejection of Romer?s hypothesis in Asian countries and therefore highlights the importance of exchange rate movements towards import prices as a factor that brings inflationary effect within this region.

Abstrak :
The impacts of exchange rate to an economy both domestically and internationally are an interesting discussion. One of the examples for discussion is exchange rate pass-through (ERPT). ERPT is defined as the rate of change of prices (domestic, imported or exported) as a result of change in exchange rate. Consumer price index (CPI) is one of the most frequent indicators used for measuring domestic price. This paper analyzes the impacts of exchange rate change (ERPT) to seven group of CPI in Indonesia. The Cholesky Decomposition is employed to identify structural shock of Structural Vector Autoregression (SVAR) which then combined with Vector Error Correction Model (VECM) for 48 time series units. The result shows that for the entire period there is an incomplete pass-through for the seven group of CPI. The largest effect occurs in the transportation and communication sector and food and beverages sector in which 35 percent of their changes in CPI are affected by change in exchange rate.