We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price … data from the German Consumer Price Index that covers the years 1998 to 2003. We strong find evidence of time- and state …-dependent price adjustment. Most importantly, the differences in quot;unconditionalquot; sectoral price flexibility are found to be …

of the aggregate forecast of euro area and US inflation in some situations, but not in others. …

empirical relationship between US monetary policy and commodity prices by means of a standard VAR system, commonly used in … broad commodity price index and all of its components. While these effects are significant, they however do not appear to be …

(notably residential property) and inflation; and iii) it looks at the role of public debt for consumer price developments. On … the basis of a VAR analysis, the study finds that i) global money demand shocks affect global inflation and also global … commodity prices, which in turn impact on inflation; ii) global asset/property price dynamics appear to respond to financing …

notably with the pandemic. In a VAR, allowing the errors to have a distribution with fatter tails than the Gaussian one equips … the model to better deal with the COVID-19 shock. A standard Gaussian VAR can still be used for producing conditional …

In this paper we explore the link between the intensity of product market competition and inflation rates across EU … countries and sectors. We consider long-term averages of inflation rates in order to remove the cyclical behavior of inflation … product market competition, as proxied by the level of mark-up in particular, is an important driver of inflation …

setting behaviour of Portuguese firms. Inflation, the level of economic activity and the magnitude of the last price change …In this paper we analyse the ability of time and state dependent price setting rules to explain durations of price … providing a reasonable approximation to the data and that state dependent models are required to fully characterise the price …

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, inflations of (22 … associated to Global Inflation is not only due to the trend components of inflation (up from 1960 to 1980 and down thereafter …) but also to fluctuations at business cycle frequencies. Second, Global Inflation is, consistently with standard models of …

positive effect on price levels via the Balassa-Samuelson effect, whereas increased openness leads to reductions in mark … Structural VAR model to which we applied a model reduction algorithm. This method accounts for endogeneity and simultaneity and … productivity growth a positive one on price level convergence with respect to the euro area. …

We model provincial inflation in China during the reform period. In particular, we are interested in the ability of the … hybrid New Keynesian Phillips Curve (NKPC) to capture the inflation process at the provincial level. The study highlights … differences in inflation formation and shows that the NKPC provides a reasonable description of the inflation process only for the …