Although these factors insulate the US from the inflationary pressures stemming from exchange-rate fluctuations, they increase the vulnerability of other countries, especially emerging economies. Because the dollar prices of most of these countries’ imports are not very responsive to exchange-rate movements, the pass-through of those movements into import prices denominated in their home currencies is close to 100%.
尽管这些因素使美国与来自汇率波动的通胀压力隔离开来，但它们加剧了其他国家的弱点，特别是新兴经济体。由于这些国家大部分进口品的美元价格对汇率波动不十分敏感，因此汇率波动对本币计价的进口品的价格转嫁效应接近100%。