Andrade, P.; Zachariadis, M. - Banque de France - 2012
distinguish between different types (local and global) of micro and macro shocks. We find that global shocks have more persistent … effects on prices as compared to local ones e.g. prices respond faster to local macro shocks than to global micro ones …, implying that the relatively slow response of prices to macro shocks documented in recent studies comes from global rather than …