endogenously over time. The rise of services dampens the responses of aggregate and sectoral inflation rates to a monetary policy … shock. The changes in the responses of sectoral inflation rates are entirely driven by services deepening …Advanced economies are undergoing a structural transformation from manufacturing to services. We document that …

, excluding services from the full HICP results in a reduction in the measured degree of inflation persistence; for regulated …This paper analyses the degree of price rigidity and of inflation persistence across different product categories with … particular focus on regulated prices and services for the individual EU15 countries, as well as for the EU15 and the euro area …

datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core … change is smaller, but nevertheless larger than inflation. Third, price setting is mildly state-dependent: the probability of … in aggregate inflation, which instead mainly reflected shifts in the average size of price changes. Consistent with …

changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly … consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more …