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By placing store-level price data into bivariate Structural VAR models of inflation and relative price asymmetry, this … forecast error variance in inflation at the 12-month horizon. While the contemporaneous correlation between inflation and … relative price asymmetry is positive, idiosyncratic shocks lead to a substantial build-up in inflation only after two to five …
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At the beginning of the 21st century, Europe and Latin America are still seeking the formula that would lend a strategic character to their relationship. Most recently, the Summit in Vienna in May 2006 failed to do so. Both partners reactivated their relations which had never been broken but...
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