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Determinants of Inflation and Price Level Differentials Across the Euro Area Countries
Andersson, Malin; Masuch, Klaus; Schiffbauer, Marc - 2021
This paper analyses the determinants of inflation differentials and price levels across the euro area countries …. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical … positions and inflation persistence. The persistence in inflation differentials appears to be partly explained by administered …
Persistent link: https://www.econbiz.de/10013316285
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Large Shocks in Menu Cost Models
Karadi, Peter - 2012
How do prices react to large aggregate shocks? Our new micro-data evidence on value-added tax changes shows that prices react (i) flexibly and (ii) asymmetrically to large positive and negative shocks. We use it to quantitatively evaluate the performance of prominent pricing models. We show that...
Persistent link: https://www.econbiz.de/10013104018
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Price Rigidities and the Granular Origins of Aggregate Fluctuations
Pasten, Ernesto - 2017
We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically,...
Persistent link: https://www.econbiz.de/10012945756
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Learning from Prices : Amplification and Business Fluctuations
Chahrour, Ryan - 2017
We provide a new theory of expectations-driven business cycles in which consumers' learning from prices dramatically alters the effects of aggregate shocks. Learning from prices causes changes in aggregate productivity to shift aggregate beliefs, generating positive price-quantity comovement....
Persistent link: https://www.econbiz.de/10012956266
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International Medium-Term Business Cycles
Hirschbühl, Dominik; Spitzer, Martin - 2021
Foreign driven medium-term oscillations that originate from fluctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale,...
Persistent link: https://www.econbiz.de/10013233525
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Animal Spirits, Fundamental Factors and Business Cycle Fluctuations
Dées, Stéphane - 2016
This paper explores empirically the role of noisy information in cyclical developments and aims at separating fluctuations that are due to genuine changes in fundamentals from those due to temporary animal spirits or expectational errors (noise shocks). Exploiting the fact that the...
Persistent link: https://www.econbiz.de/10012983085
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Sticky prices in the euro area: a summary of new micro evidence
Álvarez, Luis J.; Dhyne, Emmanuel; Hoeberichts, Marco M.; … - 2005
This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is...
Persistent link: https://www.econbiz.de/10011604609
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One currency, One Price? Euro Changeover-Related Inflation in Estonia
Meriküll, Jaanika; Room, Tairi - 2021
This paper studies euro changeover-related inflation using disaggregated price level data. The difference … segments. Changeover-related inflation was higher for products that were relatively cheaper than the euro area average …
Persistent link: https://www.econbiz.de/10013315581
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Consumer Price Adjustment Under the Microscope : Germany in a Period of Low Inflation
Hoffmann, Johannes - 2007
We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price …
Persistent link: https://www.econbiz.de/10012778429
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Price Setting and Inflation Persistence : Did Emu Matter?
Angeloni, Ignazio - 2006
Surprisingly it did not, or at least not directly. Using micro data on consumer prices and sectoral inflation rates … has altered the behaviour of retail price setting and/or inflation dynamics. We find no evidence that anything has changed … earlier patterns. On the contrary, we do find evidence of a decline in the persistence of the inflation process in the mid …
Persistent link: https://www.econbiz.de/10012780842