Andrade, Philippe; Zachariadis, Marios - University of Cyprus Department of Economics - 2011
distinguish between different types (local and global) of micro and macro shocks. The persistence associated with each of these … slowly to global shocks as compared to local ones .in particular, 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 …