Long-run determinants of inflation differentials in a monetary union:
"This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find th...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11473 |
| Schlagworte: | |
| Zusammenfassung: | "This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that a relatively large proportion of it occurs in the Service category of the EU's harmonized consumer price index (HICP). We then lay out a model of a monetary union with fully flexible prices, the long-run properties of which are analyzed. Our model departs in several respect from the Balassa-Samuelson hypotheses. Our results are in contrast with the result that movements in the real exchange rate are mainly driven by regionally asymmetric productivity shocks in the traded sectors. Our results point instead to relative variations in productivity in the non-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being largely absorbed by movements in the terms of trade in the regional economies. These shocks are also found to largely drive the variability of real wages at the country level"--National Bureau of Economic Research web site. |
| Beschreibung: | 37 S. graph. Darst. |
Internformat
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV020047769 | ||
| 003 | DE-604 | ||
| 005 | 20100312 | ||
| 007 | t | ||
| 008 | 050928s2005 d||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)61172943 | ||
| 035 | |a (DE-599)BVBBV020047769 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-703 |a DE-19 | ||
| 050 | 0 | |a HB1 | |
| 084 | |a QB 910 |0 (DE-625)141231: |2 rvk | ||
| 100 | 1 | |a Altissimo, Filippo |e Verfasser |0 (DE-588)130371947 |4 aut | |
| 245 | 1 | 0 | |a Long-run determinants of inflation differentials in a monetary union |c Filippo Altissimo ; Pierpaolo Benigno ; Diego Rodriguez Palenzuela |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2005 | |
| 300 | |a 37 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11473 | |
| 520 | 3 | |a "This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that a relatively large proportion of it occurs in the Service category of the EU's harmonized consumer price index (HICP). We then lay out a model of a monetary union with fully flexible prices, the long-run properties of which are analyzed. Our model departs in several respect from the Balassa-Samuelson hypotheses. Our results are in contrast with the result that movements in the real exchange rate are mainly driven by regionally asymmetric productivity shocks in the traded sectors. Our results point instead to relative variations in productivity in the non-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being largely absorbed by movements in the terms of trade in the regional economies. These shocks are also found to largely drive the variability of real wages at the country level"--National Bureau of Economic Research web site. | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Consumer price indexes |z European Union countries | |
| 650 | 4 | |a Inflation (Finance) |z European Union countries | |
| 650 | 4 | |a Monetary unions |x Econometric models | |
| 651 | 4 | |a Europäische Union. Mitgliedsstaaten | |
| 700 | 1 | |a Benigno, Pierpaolo |d 1971- |e Verfasser |0 (DE-588)124153380 |4 aut | |
| 700 | 1 | |a Rodríguez-Palenzuela, Diego |e Verfasser |4 aut | |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11473 |w (DE-604)BV002801238 |9 11473 | |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-013368759 | ||
Datensatz im Suchindex
| _version_ | 1804133622955900928 |
|---|---|
| any_adam_object | |
| author | Altissimo, Filippo Benigno, Pierpaolo 1971- Rodríguez-Palenzuela, Diego |
| author_GND | (DE-588)130371947 (DE-588)124153380 |
| author_facet | Altissimo, Filippo Benigno, Pierpaolo 1971- Rodríguez-Palenzuela, Diego |
| author_role | aut aut aut |
| author_sort | Altissimo, Filippo |
| author_variant | f a fa p b pb d r p drp |
| building | Verbundindex |
| bvnumber | BV020047769 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QB 910 |
| ctrlnum | (OCoLC)61172943 (DE-599)BVBBV020047769 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02744nam a2200385 cb4500</leader><controlfield tag="001">BV020047769</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20100312 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">050928s2005 d||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)61172943</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV020047769</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-703</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QB 910</subfield><subfield code="0">(DE-625)141231:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Altissimo, Filippo</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)130371947</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Long-run determinants of inflation differentials in a monetary union</subfield><subfield code="c">Filippo Altissimo ; Pierpaolo Benigno ; Diego Rodriguez Palenzuela</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2005</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">37 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">11473</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">"This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that a relatively large proportion of it occurs in the Service category of the EU's harmonized consumer price index (HICP). We then lay out a model of a monetary union with fully flexible prices, the long-run properties of which are analyzed. Our model departs in several respect from the Balassa-Samuelson hypotheses. Our results are in contrast with the result that movements in the real exchange rate are mainly driven by regionally asymmetric productivity shocks in the traded sectors. Our results point instead to relative variations in productivity in the non-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being largely absorbed by movements in the terms of trade in the regional economies. These shocks are also found to largely drive the variability of real wages at the country level"--National Bureau of Economic Research web site.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Ökonometrisches Modell</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Consumer price indexes</subfield><subfield code="z">European Union countries</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Inflation (Finance)</subfield><subfield code="z">European Union countries</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Monetary unions</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">Europäische Union. Mitgliedsstaaten</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Benigno, Pierpaolo</subfield><subfield code="d">1971-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124153380</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Rodríguez-Palenzuela, Diego</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">11473</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">11473</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-013368759</subfield></datafield></record></collection> |
| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV020047769 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:11:39Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013368759 |
| oclc_num | 61172943 |
| open_access_boolean | |
| owner | DE-703 DE-19 DE-BY-UBM |
| owner_facet | DE-703 DE-19 DE-BY-UBM |
| physical | 37 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Altissimo, Filippo Verfasser (DE-588)130371947 aut Long-run determinants of inflation differentials in a monetary union Filippo Altissimo ; Pierpaolo Benigno ; Diego Rodriguez Palenzuela Cambridge, Mass. National Bureau of Economic Research 2005 37 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11473 "This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main components of the consumer price index. We find that a relatively large proportion of it occurs in the Service category of the EU's harmonized consumer price index (HICP). We then lay out a model of a monetary union with fully flexible prices, the long-run properties of which are analyzed. Our model departs in several respect from the Balassa-Samuelson hypotheses. Our results are in contrast with the result that movements in the real exchange rate are mainly driven by regionally asymmetric productivity shocks in the traded sectors. Our results point instead to relative variations in productivity in the non-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being largely absorbed by movements in the terms of trade in the regional economies. These shocks are also found to largely drive the variability of real wages at the country level"--National Bureau of Economic Research web site. Ökonometrisches Modell Consumer price indexes European Union countries Inflation (Finance) European Union countries Monetary unions Econometric models Europäische Union. Mitgliedsstaaten Benigno, Pierpaolo 1971- Verfasser (DE-588)124153380 aut Rodríguez-Palenzuela, Diego Verfasser aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11473 (DE-604)BV002801238 11473 |
| spellingShingle | Altissimo, Filippo Benigno, Pierpaolo 1971- Rodríguez-Palenzuela, Diego Long-run determinants of inflation differentials in a monetary union National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Consumer price indexes European Union countries Inflation (Finance) European Union countries Monetary unions Econometric models |
| title | Long-run determinants of inflation differentials in a monetary union |
| title_auth | Long-run determinants of inflation differentials in a monetary union |
| title_exact_search | Long-run determinants of inflation differentials in a monetary union |
| title_full | Long-run determinants of inflation differentials in a monetary union Filippo Altissimo ; Pierpaolo Benigno ; Diego Rodriguez Palenzuela |
| title_fullStr | Long-run determinants of inflation differentials in a monetary union Filippo Altissimo ; Pierpaolo Benigno ; Diego Rodriguez Palenzuela |
| title_full_unstemmed | Long-run determinants of inflation differentials in a monetary union Filippo Altissimo ; Pierpaolo Benigno ; Diego Rodriguez Palenzuela |
| title_short | Long-run determinants of inflation differentials in a monetary union |
| title_sort | long run determinants of inflation differentials in a monetary union |
| topic | Ökonometrisches Modell Consumer price indexes European Union countries Inflation (Finance) European Union countries Monetary unions Econometric models |
| topic_facet | Ökonometrisches Modell Consumer price indexes European Union countries Inflation (Finance) European Union countries Monetary unions Econometric models Europäische Union. Mitgliedsstaaten |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT altissimofilippo longrundeterminantsofinflationdifferentialsinamonetaryunion AT benignopierpaolo longrundeterminantsofinflationdifferentialsinamonetaryunion AT rodriguezpalenzueladiego longrundeterminantsofinflationdifferentialsinamonetaryunion |