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  1. New facts on consumer price rigidity in the euro area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change,... mehr

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    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change, which compares with 19.3% in the United States; when we exclude price changes due to sales, however, the proportion of prices adjusted each month is 8.5% in the euro area versus 10% in the United States; (ii) differences in price rigidity are rather limited across euro area countries but much larger across sectors; (iii) the median price increase (resp. decrease) is 9.6% (13%) when including sales and 6.7% (8.7%) when excluding sales; cross-country heterogeneity is more pronounced for the size than for the frequency of price changes; (iv) the distribution of price changes is highly dispersed: 14% of price changes in absolute values are lower than 2% whereas 10% are above 20%; (v) the overall frequency of price changes does not change much with in ation and does not react much to aggregate shocks; (vi) changes in in ation are mostly driven by movements in the overall size; when decomposing the overall size, changes in the share of price increases among all changes matter more than movements in the size of price increases or the size of price decreases. These findings are consistent with the predictions of a menu cost model in a low in ation environment where idiosyncratic shocks are a more relevant driver of price adjustment than aggregate shocks.

     
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    ISBN: 9789289951180
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    hdl: 10419/264494
    Schriftenreihe: Working paper series / European Central Bank ; no 2669 (June 2022)
    Schlagworte: price rigidity; ination; consumer prices; micro data
    Umfang: 1 Online-Ressource (circa 116 Seiten), Illustrationen
  2. New facts on consumer price rigidity in the Euro Area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: August 2022
    Verlag:  Bank of Greece, Athens

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    Schriftenreihe: Working paper / Bank of Greece ; 302
    Schlagworte: price rigidity; inflation; consumer prices; micro dat
    Umfang: 1 Online-Ressource (circa 117 Seiten), Illustrationen
  3. New facts on consumer price rigidity in the Euro area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: 2022
    Verlag:  Lietuvos Bankas, Vilnius

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    Schriftenreihe: Working papers series / Lietuvos Bankas ; No.2022,105
    Schlagworte: price rigidity; inflation; consumer prices; micro data
    Umfang: 1 Online-Ressource (circa 115 Seiten), Illustrationen
  4. New facts on consumer price rigidity in the Euro Area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: August 2022
    Verlag:  National Bank of Slovakia, Bratislava

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    Schriftenreihe: NSB Working paper / National Bank of Slovakia ; 2022,1
    Umfang: 1 Online-Ressource
  5. New facts on consumer price rigidity in the euro area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change,... mehr

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    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change, which compares with 19.3% in the United States; when we exclude price changes due to sales, however, the proportion of prices adjusted each month is 8.5% in the euro area versus 10% in the United States; (ii) differences in price rigidity are rather limited across euro area countries but much larger across sectors; (iii) the median price increase (resp. decrease) is 9.6% (13%) when including sales and 6.7% (8.7%) when excluding sales; cross-country heterogeneity is more pronounced for the size than for the frequency of price changes; (iv) the distribution of price changes is highly dispersed: 14% of price changes in absolute values are lower than 2% whereas 10% are above 20%; (v) the overall frequency of price changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly driven by movements in the overall size; when decomposing the overall size, changes in the share of price increases among all changes matter more than movements in the size of price increases or the size of price decreases. These findings are consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more relevant driver of price adjustment than aggregate shocks.

     
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    ISBN: 9783957299062
    Weitere Identifier:
    hdl: 10419/265428
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 32
    Schlagworte: price rigidity; inflation; consumer prices; micro data
    Umfang: 1 Online-Ressource (circa 111 Seiten), Illustrationen
  6. New facts on consumer price rigidity in the Euro Area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: 2022
    Verlag:  Banco de España, Madrid

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    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 2225
    Schlagworte: price rigidity; inflation; consumer prices; micro data
    Umfang: 1 Online-Ressource (circa 109 Seiten), Illustrationen
  7. New facts on consumer price rigidity in the Euro Area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santork, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: [2022]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1375 (June 2022)
    Schlagworte: price rigidity; inflation; consumer prices; micro data
    Umfang: 1 Online-Ressource (circa 122 Seiten), Illustrationen
  8. New facts on consumer price rigidity in the euro area
    Autor*in: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Erschienen: [2022]
    Verlag:  OeNB, Oesterreichische Nationalbank, Vienna, Austria

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    hdl: 10419/264832
    Schriftenreihe: Working paper / OeNB, Oesterreichische Nationalbank ; 240
    Schlagworte: price rigidity; ination; consumer prices; micro data
    Umfang: 1 Online-Ressource (circa 118 Seiten), Illustrationen
  9. Cross-country price and inflation dispersion
    retail network or national border?
    Autor*in: Messner, Teresa; Rumler, Fabio; Strasser, Georg
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    (Why) do prices and inflation rates differ within the euro area? We study the relevance of a national border for grocery prices in the otherwise homogenous and highly integrated border region of Austria and Germany. Using transaction data on prices... mehr

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    (Why) do prices and inflation rates differ within the euro area? We study the relevance of a national border for grocery prices in the otherwise homogenous and highly integrated border region of Austria and Germany. Using transaction data on prices and quantities from a large household panel, we compare the prices of identical products within a narrow band along the border. We find large assortment and price differences between these two regions. Even within multinational retail chains the prices of identical products on the two sides of the border differ on average by about 21%. These price differences are not very persistent indicating little arbitrage gain from undifferentiated cross-border shopping. Ensuing product-level inflation rates differ for only half of the chains. The results highlight the importance of the history-dependent evolution of distribution networks and of the structure of the sales organization as a driver of price and inflation heterogeneity.

     
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    ISBN: 9789289955188
    Weitere Identifier:
    hdl: 10419/278352
    Schriftenreihe: Working paper series / European Central Bank ; no 2776 (February 2023)
    Schlagworte: Price discrimination; goods market integration; border effect; cross-border arbitrage; market power
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  10. Price adjustment in the euro area in the low-inflation period
    evidence from consumer and producer micro price data
    Autor*in: Gautier, Erwan; Karadi, Peter; Amann, Jurgen; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Fuss, Catherine; Kosma, Theodora; Jouvanceau, Valentin; Martins, Fernando; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Bachiller, Javier Sánchez; Santoro, Sergio; Seward, Domingos; Stanga, Irina; Veirman, Emmanuel de; Wieland, Elisabeth; Wintr, Ladislav; Wursten, Jesse; Zimmer, Hélène
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On... mehr

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    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On average, 12% of consumer prices change each month, falling to 8.5% when sales prices are excluded. The frequency of producer price adjustment is greater (25%), reflecting that the prices of intermediate goods and energy are more flexible. For both consumer and producer prices, cross-sectoral heterogeneity is more pronounced than cross-country heterogeneity. Second, price changes tend to be large and heterogeneous. For consumer prices, the typical absolute price change is about 10%, and the distribution of price changes shows a broad dispersion. For producer prices, the typical absolute price change is smaller, but nevertheless larger than inflation. Third, price setting is mildly state-dependent: the probability of price adjustment rises with the size of price misalignment, mainly reflecting idiosyncratic shocks, but it does not increase very sharply. Fourth, for both consumer and producer prices, the repricing rate showed no trend in the period 2005-19 but was more volatile in the short run. Fifth, small cyclical variations in frequency did not contribute much to fluctuations in aggregate inflation, which instead mainly reflected shifts in the average size of price changes. Consistent with idiosyncratic shocks as the main driver of price changes, aggregate disturbances affected inflation by shifting the relative number of firms increasing or decreasing their prices, rather than the size of price increases and decreases.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
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    Format: Online
    ISBN: 9789289960632
    Weitere Identifier:
    hdl: 10419/278585
    Schriftenreihe: Occasional paper series / European Central Bank ; no 319
    Schlagworte: price stickiness; consumer prices; producer prices; scanner data
    Umfang: 1 Online-Ressource (52 Seiten), Illustrationen
  11. Measuring inflation with heterogeneous preferences, taste shifts and product innovation
    methodological challenges and evidence from microdata
    Autor*in: Osbat, Chiara; Conflitti, Cristina; Bellocca, Gian-Pietro; Eiglsperger, Martin; Goldhammer, Bernhard; Kuik, Friderike; Menz, Jan-Oliver; Rumler, Fabio; Saez Moreno, Marta; Segers, Lina; Siliverstovs, Boriss; Touré, Anaëlle; Wieland, Elisabeth
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review,... mehr

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    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review, which pointed at directions for improvement of the Harmonised Index of Consumer Prices (HICP), including better quantification of potential biases. Two such biases are the substitution bias and the quality adjustment bias. Most analyses of substitution bias rest on the concept of the cost of living, positing that preferences are stable, homogeneous and homothetic. Consumer behaviour is characterised by preference shifts and heterogeneity, which influence the measurement of the cost of living and substitution bias. Climate change may make the impact of preference shifts particularly relevant as it causes the introduction of new varieties of "green" goods and services (zero-kilometre food, sustainable tourism) and a shift from "brown" to "green" products. Furthermore, PRISMA data show that consumption baskets and thus inflation vary across income classes (e.g. higher-income households tend to buy more expensive goods), pointing to non-homotheticity of preferences. When preferences are heterogeneous and/or non-homothetic, it is important to monitor different experiences of inflation across classes of consumers/citizens. This is particularly important when very large relative price changes affect items that enter the consumption baskets of the rich and the poor, the young and the old, in very different proportions. Another open area of analysis concerns the impact of quality adjustment on measured inflation. Evidence based on web-scraped prices shows that the various implicit quality adjustment methods can produce widely varying inflation trends when product churn is fast. In the euro area specifically, using different quality adjustment methods can be an overlooked source of divergent inflation trends in sub-categories, and, if pervasive, shows up in overall measured inflation divergence across countries.

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9789289961523
    Weitere Identifier:
    hdl: 10419/278589
    Schriftenreihe: Occasional paper series / European Central Bank ; no 323
    Schlagworte: inflation; consumer prices; heterogeneity; micro data
    Umfang: 1 Online-Ressource (47 Seiten), Illustrationen
  12. Inflation heterogeneity at the household level
    Autor*in: Strasser, Georg; Messner, Teresa; Rumler, Fabio; Ampudia, Miguel
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but... mehr

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    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but the difference for richer households has been small and time varying. Householdspecific behaviour appears to dominate inflation differences within countries. Between countries, multinational retail chains not only differentiate products by branding, but also charge different prices for identical products. Retailers continue to differentiate prices along national borders, even within largely integrated economic regions. Price changes, however, are broadly aligned across borders within the same retailers.

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9789289961547
    Weitere Identifier:
    hdl: 10419/278591
    Schriftenreihe: Occasional paper series / European Central Bank ; no 325
    Schlagworte: inflation; consumer prices; heterogeneous agents; substitution,inequality
    Umfang: 1 Online-Ressource (48 Seiten), Illustrationen
  13. Cross-country price and inflation dispersion
    retail network or national border?
    Autor*in: Messner, Teresa; Rumler, Fabio; Strasser, Georg
    Erschienen: 2022
    Verlag:  Publications Office of the European Union, Luxembourg

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    ISBN: 9789276604686
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    Auflage/Ausgabe: 1st edition
    Schriftenreihe: Single market economics papers ; WP 11
    Schlagworte: Price discrimination; goods market integration; border effect; cross-border arbitrage; market power
    Umfang: 1 Online-Ressource (circa 59 Seiten)
  14. Price adjustment in the euro area in the low-inflation period
    evidence from consumer and producer micro price data
    Autor*in: Gautier, Erwan; Karadi, Peter; Amann, Jurgen; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Fuss, Catherine; Kosma, Theodora; Jouvanceau, Valentin; Martins, Fernando; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Bachiller, Javier Sánchez; Santoro, Sergio; Seward, Domingos; Stanga, Irina; Veirman, Emmanuel de; Wieland, Elisabeth; Wintr, Ladislav; Wursten, Jesse; Zimmer, Hélène
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On... mehr

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    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On average, 12% of consumer prices change each month, falling to 8.5% when sales prices are excluded. The frequency of producer price adjustment is greater (25%), reflecting that the prices of intermediate goods and energy are more flexible. For both consumer and producer prices, cross-sectoral heterogeneity is more pronounced than cross-country heterogeneity. Second, price changes tend to be large and heterogeneous. For consumer prices, the typical absolute price change is about 10%, and the distribution of price changes shows a broad dispersion. For producer prices, the typical absolute price change is smaller, but nevertheless larger than inflation. Third, price setting is mildly state-dependent: the probability of price adjustment rises with the size of price misalignment, mainly reflecting idiosyncratic shocks, but it does not increase very sharply. Fourth, for both consumer and producer prices, the repricing rate showed no trend in the period 2005-19 but was more volatile in the short run. Fifth, small cyclical variations in frequency did not contribute much to fluctuations in aggregate inflation, which instead mainly reflected shifts in the average size of price changes. Consistent with idiosyncratic shocks as the main driver of price changes, aggregate disturbances affected inflation by shifting the relative number of firms increasing or decreasing their prices, rather than the size of price increases and decreases.

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9789289960632
    Weitere Identifier:
    hdl: 10419/278585
    Schriftenreihe: Occasional paper series / European Central Bank ; no 319
    Schlagworte: price stickiness; consumer prices; producer prices; scanner data
    Umfang: 1 Online-Ressource (52 Seiten), Illustrationen
  15. Measuring inflation with heterogeneous preferences, taste shifts and product innovation
    methodological challenges and evidence from microdata
    Autor*in: Osbat, Chiara; Conflitti, Cristina; Bellocca, Gian-Pietro; Eiglsperger, Martin; Goldhammer, Bernhard; Kuik, Friderike; Menz, Jan-Oliver; Rumler, Fabio; Saez Moreno, Marta; Segers, Lina; Siliverstovs, Boriss; Touré, Anaëlle; Wieland, Elisabeth
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review,... mehr

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    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review, which pointed at directions for improvement of the Harmonised Index of Consumer Prices (HICP), including better quantification of potential biases. Two such biases are the substitution bias and the quality adjustment bias. Most analyses of substitution bias rest on the concept of the cost of living, positing that preferences are stable, homogeneous and homothetic. Consumer behaviour is characterised by preference shifts and heterogeneity, which influence the measurement of the cost of living and substitution bias. Climate change may make the impact of preference shifts particularly relevant as it causes the introduction of new varieties of "green" goods and services (zero-kilometre food, sustainable tourism) and a shift from "brown" to "green" products. Furthermore, PRISMA data show that consumption baskets and thus inflation vary across income classes (e.g. higher-income households tend to buy more expensive goods), pointing to non-homotheticity of preferences. When preferences are heterogeneous and/or non-homothetic, it is important to monitor different experiences of inflation across classes of consumers/citizens. This is particularly important when very large relative price changes affect items that enter the consumption baskets of the rich and the poor, the young and the old, in very different proportions. Another open area of analysis concerns the impact of quality adjustment on measured inflation. Evidence based on web-scraped prices shows that the various implicit quality adjustment methods can produce widely varying inflation trends when product churn is fast. In the euro area specifically, using different quality adjustment methods can be an overlooked source of divergent inflation trends in sub-categories, and, if pervasive, shows up in overall measured inflation divergence across countries.

     
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    ISBN: 9789289961523
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    hdl: 10419/278589
    Schriftenreihe: Occasional paper series / European Central Bank ; no 323
    Schlagworte: inflation; consumer prices; heterogeneity; micro data
    Umfang: 1 Online-Ressource (47 Seiten), Illustrationen
  16. Inflation heterogeneity at the household level
    Autor*in: Strasser, Georg; Messner, Teresa; Rumler, Fabio; Ampudia, Miguel
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but... mehr

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    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but the difference for richer households has been small and time varying. Householdspecific behaviour appears to dominate inflation differences within countries. Between countries, multinational retail chains not only differentiate products by branding, but also charge different prices for identical products. Retailers continue to differentiate prices along national borders, even within largely integrated economic regions. Price changes, however, are broadly aligned across borders within the same retailers.

     
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    ISBN: 9789289961547
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    hdl: 10419/278591
    Schriftenreihe: Occasional paper series / European Central Bank ; no 325
    Schlagworte: inflation; consumer prices; heterogeneous agents; substitution,inequality
    Umfang: 1 Online-Ressource (48 Seiten), Illustrationen
  17. Regular adjustment
    theory and evidence
    Autor*in: Konieczny, Jerzy D.; Rumler, Fabio
    Erschienen: 2006
    Verlag:  Dep. of Economics, School of Business & Economics, Wilfrid Laurier Univ., Waterloo, Ont.

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    Auflage/Ausgabe: Rev. Dec 13/06
    Schriftenreihe: Working paper / Department of Economics, School of Business & Economics, Wilfrid Laurier University ; 2006,01 EC
    Schlagworte: Preismanagement; Preisregulierung; Preistheorie; Verhaltensökonomik; Schätzung; Verbraucherpreisindex; Österreich
    Umfang: Online-Ressource (PDF-Datei: 48 S., 620,67 KB), graph. Darst.
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    Literaturverz. S. 42 - 44
  18. Comparing the New Keynesian Phillips Curve with time series models to forecast inflation
    Autor*in: Rumler, Fabio; Valderrama, María Teresa
    Erschienen: 2008
    Verlag:  ÖNB, Wien

    Literaturverz. S. 19 - 20 mehr

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    Literaturverz. S. 19 - 20

     
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    Schriftenreihe: Working paper / Österreichische Nationalbank ; 148
    Schlagworte: Phillips-Kurve; Zeitreihenanalyse; Prognoseverfahren; Inflationsrate; Bayes-Statistik; VAR-Modell; Schätzung; Österreich
    Umfang: 28 S., graph. Darst.
  19. Labor market institutions and macroeconomic volatility in a panel of OECD countries
    Autor*in: Rumler, Fabio; Scharler, Johann
    Erschienen: 2009
    Verlag:  European Central Bank, Frankfurt am Main

    In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of 20 OECD countries. Our results suggest that countries characterized by high union density tend to experience more volatile movements... mehr

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    In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of 20 OECD countries. Our results suggest that countries characterized by high union density tend to experience more volatile movements in output, whereas the degree of coordination of the wage bargaining system and strictness of employment protection legislation appear to play a limited role for output volatility. We also find some evidence suggesting that highly coordinated wage bargaining systems have a dampening impact on inflation volatility. -- Business Cycles ; Inflation ; Labor Market Institutions

     
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    hdl: 10419/153439
    Schriftenreihe: Working paper series / European Central Bank ; 1005
    Schlagworte: Konjunktur; Inflation; Volatilität; Arbeitsmarktpolitik; Arbeitsbeziehungen; OECD-Staaten
    Umfang: Online-Ressource, (27 S., 864 KB)
  20. Forecasting Austrian inflation
    Autor*in: Moser, Gabriel; Rumler, Fabio; Scharler, Johann
    Erschienen: 2004
    Verlag:  Oesterr. Nationalbank, Wien

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    Schriftenreihe: Working paper / Oesterreichische Nationalbank ; 91
    Schlagworte: Inflationsrate; Prognoseverfahren; Verbraucherpreisindex; VAR-Modell; Österreich
    Umfang: 44 S, graph. Darst, b
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    Literaturverz. S. 20 - 21
  21. Price setting in the euro area
    some stylized facts from individual consumer price data
    Autor*in: Dhyne, Emmanuel; Álvarez, Luis J.; Le Bihan, Hervé; Veronese, Giovanni; Dias, Daniel; Hoffmann, Johannes; Jonker, Nicole; Lünnemann, Patrick; Rumler, Fabio; Vilmunen, Jouko
    Erschienen: [2005]
    Verlag:  National Bank of Belgium, Brussels

    This paper documents patterns of price setting at the retail level in the euro area, summarized in six stylized facts. First, the average euro area monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second, the... mehr

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    This paper documents patterns of price setting at the retail level in the euro area, summarized in six stylized facts. First, the average euro area monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second, the frequency of price changes is characterized by substantial cross product heterogeneity - prices of oil and unprocessed food products change very often, while price adjustments are less frequent for processed food, non energy industrial goods and services. Third, cross country heterogeneity exists but is less pronounced. Fourth, price decreases are not uncommon. Fifth, price increases and decreases are sizeable compared to aggregate and sectoral inflation rates. Sixth, price changes are not highly synchronized across retailers. Moreover, the frequency of price changes in the euro area is related to several factors, such as seasonality, outlet type, indirect taxation, pricing practices as well as aggregate or product specific inflation.

     
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    Schriftenreihe: Working paper research / National Bank of Belgium ; no 74 (September 2005)
    Schlagworte: Einzelhandelspreis; EU-Staaten
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
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  22. Inflation dynamics in the new EU member states
    how relevant are external factors?
    Autor*in: Mihailov, Alexander; Rumler, Fabio; Scharler, Johann
    Erschienen: 2009
    Verlag:  Univ., Dep. of Economics, Linz

    In this paper we evaluate the relative influence of external versus domestic inflation drivers in the 12 new European Union (EU) member countries. Our empirical analysis is based on the New Keynesian Phillips Curve (NKPC) derived in Galí and... mehr

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    In this paper we evaluate the relative influence of external versus domestic inflation drivers in the 12 new European Union (EU) member countries. Our empirical analysis is based on the New Keynesian Phillips Curve (NKPC) derived in Galí and Monacelli (2005) for small open economies (SOE). Employing the Generalized Method of Moments (GMM), we find that the SOE NKPC is well supported in the new EU member states. We also find that the inflation process is dominated by domestic variables in the larger countries of our sample, whereas external variables are mostly relevant in the smaller countries. -- New Keynesian Phillips Curve ; small open economies ; inflation dynamics ; new EU member countries ; GMM estimation

     
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    Schriftenreihe: Working paper / Department of Economics, Johannes Kepler University of Linz ; 0913
    Schlagworte: Inflation; Phillips-Kurve; Kleine offene Volkswirtschaft; Momentenmethode; Schätzung; EU-Mitgliedschaft
    Umfang: Online-Ressource (17 S.), graph. Darst.
  23. Semi-structural models for inflation forecasting
    Autor*in: Kichian, Maral; Rumler, Fabio; Corrigan, Paul
    Erschienen: 2010
    Verlag:  Bank of Canada, Ottawa

    We propose alternative single-equation semi-structural models for forecasting inflation in Canada, whereby structural New Keynesian models are combined with time-series features in the data. Several marginal cost measures are used, including one that... mehr

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    We propose alternative single-equation semi-structural models for forecasting inflation in Canada, whereby structural New Keynesian models are combined with time-series features in the data. Several marginal cost measures are used, including one that in addition to unit labour cost also integrates relative price shocks known to play an important role in open-economies. Structural estimation and testing is conducted using identification-robust methods that are valid whatever the identification status of the econometric model. We find that our semi-structural models perform better than various strictly structural and conventional time series models. In the latter case, forecasting performance is significantly better, both in the short run and in the medium run. -- Inflation and prices ; Econometric and statistical methods

     
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    Schriftenreihe: Working paper / Bank of Canada ; 2010-34
    Schlagworte: Inflationsrate; Prognose; Prognoseverfahren; Lohnstückkosten; Internationale Wirtschaft; Zeitreihenanalyse; Kanada
    Umfang: Online-Ressource (PDF-Datei: III, 26 S., 206 KB), graph. Darst.
  24. The small open-economy New Keynesian Phillips Curve
    empirical evidence and implied inlfation dynamics
    Autor*in: Mihailov, Alexander; Rumler, Fabio; Scharler, Johann
    Erschienen: 2008
    Verlag:  Univ., Dep. of Economics, Linz

    This paper applies GMMestimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus... mehr

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    This paper applies GMMestimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic versus external determinants of CPI inflation dynamics. For most countries in our sample the expected relative change in the terms of trade emerges as a more relevant inflation driver than the contemporaneous domestic output gap. Overall, our results indicate some, albeit moderate, support for the tested relationship based on data from ten OECD countries typically classified as open economies. -- New Keynesian Phillips Curve ; small open economies ; terms of trade fluctuations ; inflation dynamics ; GMM estimation

     
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    Schriftenreihe: Working paper / Department of Economics, Johannes Kepler University of Linz ; 0817
    Schlagworte: Phillips-Kurve; Kleine offene Volkswirtschaft; Theorie; OECD-Staaten
    Umfang: Online-Ressource (22 S.)
  25. Inflation dynamics in the new EU member states
    how relevant are external factors?
    Autor*in: Mihailov, Alexander; Rumler, Fabio; Scharler, Johann
    Erschienen: 2010
    Verlag:  Univ. of Reading, Dep. of Economics, Reading

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    Schriftenreihe: Discussion papers / University of Reading, Department of Economics ; 085
    Umfang: Online-Ressource (21 S.), graph. Darst.