全球智库信息集成服务系统(G2TT): Long-Run Determinants of Inflation Differentials in a Monetary Union

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11473
来源ID	Working Paper 11473
	Long-Run Determinants of Inflation Differentials in a Monetary Union
	Filippo Altissimo; Pierpaolo Benigno; Diego Rodriguez Palenzuela
发表日期	2005-07-11
出版年	2005
语种	英语
摘要	This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at establishing some 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.
主题	Macroeconomics ; Business Cycles ; International Economics ; International Macroeconomics
URL	https://www.nber.org/papers/w11473
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/569116
推荐引用方式 GB/T 7714	Filippo Altissimo,Pierpaolo Benigno,Diego Rodriguez Palenzuela. Long-Run Determinants of Inflation Differentials in a Monetary Union. 2005.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w11473.pdf（538KB）	智库出版物		限制开放	CC BY-NC-SA	浏览