G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17259
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
URLhttps://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.
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