| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17259 |
| DP17259 Shipping Costs and Inflation | |
| Yan Carriere-Swallow; Pragyan Deb; Davide Furceri; Daniel Jiménez; Jonathan D. Ostry | |
| 发表日期 | 2022-04-26 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The Covid-19 pandemic has disrupted global supply chains, leading to shipment delays and soaring shipping costs. We study the impact of shocks to global shipping costs—measured by the Baltic Dry Index (BDI)—on domestic prices for a large panel of countries during the period 1992-2021. We find that spikes in the BDI are followed by sizable and statistically significant increases in import prices, PPI, headline, and core inflation, as well as inflation expectations. The impact is similar in magnitude but more persistent than for shocks to global oil and food prices. The effects are more muted in countries where imports make up a smaller share of domestic consumption, and those with inflation targeting regimes and better anchored inflation expectations. The results are robust to several checks, including an instrumental variables approach in which we instrument changes in shipping costs with an indicator of closures of the Suez Canal. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Price shocks Shipping cost Inflation pass-through monetary policy |
| URL | https://cepr.org/publications/dp17259 |
| 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/546269 |
| 推荐引用方式 GB/T 7714 | Yan Carriere-Swallow,Pragyan Deb,Davide Furceri,et al. DP17259 Shipping Costs and Inflation. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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