全球智库信息集成服务系统(G2TT): International Inflation Spillovers Through Input Linkages

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23246
来源ID	Working Paper 23246
	International Inflation Spillovers Through Input Linkages
	Raphael A. Auer; Andrei A. Levchenko; Philip Sauré
发表日期	2017-03-20
出版年	2017
语种	英语
摘要	We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output linkages, we recover the underlying cost shocks that are propagated internationally via the global input-output network, thus generating the observed dynamics of PPI. We then compare the extent to which common global factors account for the variation in actual PPI and in the underlying cost shocks. Our main finding is that across a range of econometric tests, input-output linkages account for half of the global component of PPI inflation. We report three additional findings: (i) the results are similar when allowing for imperfect cost pass-through and demand complementarities; (ii) PPI synchronization across countries is driven primarily by common sectoral shocks and input-output linkages amplify co-movement primarily by propagating sectoral shocks; and (iii) the observed pattern of international input use preserves fat-tailed idiosyncratic shocks and thus leads to a fat-tailed distribution of inflation rates, i.e., periods of disinflation and high inflation.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w23246
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/580920
推荐引用方式 GB/T 7714	Raphael A. Auer,Andrei A. Levchenko,Philip Sauré. International Inflation Spillovers Through Input Linkages. 2017.

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
w23246.pdf（907KB）	智库出版物		限制开放	CC BY-NC-SA	浏览