"Figure 1. Exchange-Rate Risk Premium Shock (Dollar Depreciation). Four panels, each with data plotted as one solid curve and one dashed curve. Solid curves show Low Pass-Through World. Dashed curves show High Pass-Through World.  The panels are entitled ""Output Gap,"" ""Consumer Price Deflator (4-Qtr. Change),"" ""Relative Import Price,"" and ""Nominal Interest Rate.""  As illustrated by Figure 1, the risk premium shock has broadly similar effects on the United States under either specification of pass-through."