The Persistence of Inflation in Switzerland: Evidence from Disaggregate Data

Autor:	Elmer, Simone, Maag, Thomas
Jazyk:	angličtina
Rok vydání:	2009
Předmět:	inflation persistence Economics aggregation and persistence SCHWEIZ (MITTELEUROPA). SCHWEIZERISCHE EIDGENOSSENSCHAFT SWITZERLAND (CENTRAL EUROPE). SWISS CONFEDERATION INFLATION Inflation Volatilität Schweiz ddc:330 inflation dynamics E52 health care economics and organizations E31 C22
Zdroj:	KOF Working Papers, 235
Popis:	This paper investigates persistence of Swiss consumer price inflation using aggregate and disaggregate inflation data covering 1983-2008. We document that persistence of sectoral inflation rates is below persistence of aggregate inflation. Our main finding is that inflation persistence significantly declines in the early 1990s. An estimated factor model reveals that inflation persistence stems from a persistent component that is common to inflation rates across sectors. Both the relevance and the persistence of the common component decline over time. Depending on the sample period and aggregation level, 70 to 90 percent of the variance in sectoral inflation rates is accounted for by short-lived sectoral factors.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::bf814c6c09e0e271a490ac5d8289921e https://hdl.handle.net/20.500.11850/21806 Zobrazit plný text záznamu