Sectoral and Aggregate Inflation Dynamics in the Euro Area

Autor:	Thomas Y. Mathä, Andrew T. Levin, Filippo Altissimo, Laurent Bilke, Benoit Mojon
Rok vydání:	2006
Předmět:	Inflation Inflation targeting media_common.quotation_subject Keynesian economics Monetary policy Aggregate (data warehouse) Sample (statistics) Monetary economics Economics Aggregate data Real interest rate General Economics Econometrics and Finance Statistical evidence media_common
Zdroj:	Journal of the European Economic Association. 4:585-593
ISSN:	1542-4774 1542-4766
DOI:	10.1162/jeea.2006.4.2-3.585
Popis:	This paper synthesises the implications of recent statistical evidence regarding inflation persistence in the euro area. For aggregate data, the degree of inflation persistence appears to be very high for sample periods spanning multiple decades but falls dramatically once we allow for time variation in the mean level of inflation; furthermore, the timing of these breaks in mean generally coincides with observed shifts in the monetary policy regime. Finally, sectoral inflation series exhibit much less persistence than aggregate inflation, mainly because of the influence of transitory sector-specific shocks. (JEL: E31, C22, C43)
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::b4c92b3a11c3a8e74e7af85cb5d7f7e1 https://doi.org/10.1162/jeea.2006.4.2-3.585 Zobrazit plný text záznamu Plný text ve formátu PDF