| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8357 |
| DP8357 On the importance of sectoral and regional shocks for price-setting | |
| Kirstin Hubrich; Massimiliano Marcellino; Günter Beck | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We use a novel disaggregate sectoral euro area data set with a regional breakdown to investigate price changes and suggest a new method to extract factors from over-lapping data blocks. This allows us to separately estimate aggregate, sectoral, country-specific and regional components of price changes. We thereby provide an improved estimate of the sectoral factor in comparison with previous literature, which decomposes price changes into an aggregate and idiosyncratic component only, and interprets the latter as sectoral. We find that the sectoral component explains much less of the variation in sectoral regional inflation rates and exhibits much less volatility than previous findings for the US indicate. We further contribute to the literature on price setting by providing evidence that country- and region-specific factors play an important role in addition to the sector-specific factors. We conclude that sectoral price changes have a "geographical" dimension, that leads to new insights regarding the properties of sectoral price changes. |
| 主题 | International Macroeconomics |
| 关键词 | Disaggregated prices Euro area regional and sectoral inflation Common factor models |
| URL | https://cepr.org/publications/dp8357 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537184 |
| 推荐引用方式 GB/T 7714 | Kirstin Hubrich,Massimiliano Marcellino,Günter Beck. DP8357 On the importance of sectoral and regional shocks for price-setting. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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