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  1. On the perils of stabilizing prices when agents are learning
    Author: Mele, Antonio; Molnár, Krisztina; Santoro, Sergio
    Published: October 2018
    Publisher:  Norwegian School of Economics and Business Administration, Department of Economics, Bergen

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 48 (2018,22)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 11250/2571725
    Series: Discussion papers / Norwegian School of Economics and Business Administration, Department of Economics ; 2018, 22
    Subjects: Inflationserwartung; Inflationssteuerung; Lernprozess; Neoklassische Synthese
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Price adjustment in the euro area in the low-inflation period
    evidence from consumer and producer micro price data
    Author: 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
    Published: [2023]
    Publisher:  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... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
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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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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289960632
    Other identifier:
    hdl: 10419/278585
    Series: Occasional paper series / European Central Bank ; no 319
    Subjects: price stickiness; consumer prices; producer prices; scanner data
    Scope: 1 Online-Ressource (52 Seiten), Illustrationen
  3. Some implications of micro pricesetting evidence for inflation dynamics and monetary transmission
    Author: Dedola, Luca; Gautier, Erwan; Nakov, Anton; Santoro, Sergio; Veirman, Emmanuel de; Henkel, Lukas; Fagandini, Bruno
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses the implications of the evidence on micro price setting gathered by Price-setting Microdata Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical evidence.... more

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    Location:
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    Signature:
    DS 535
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    This paper analyses the implications of the evidence on micro price setting gathered by Price-setting Microdata Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical evidence. According to models calibrated to the euro area micro evidence in Gautier et al. (2022, 2023), infrequent price changes and moderate state dependence in price setting should result in a meaningful Phillips curve in the euro area. Empirical estimates of the Phillips curve during the low-inflation period confirm previous findings of a relatively flat but stable slope. This estimated flat slope reflects both infrequent and subdued price adjustment in response to aggregate shocks, i.e. the presence of nominal and real rigidities. Model-based simulations show that, due to non-linearities in price setting, changes in trend inflation above 5-6% would have significant effects on the euro area Phillips curve. Similarly, shocks to nominal costs larger than 15% would result in non-linear effects on inflation dynamics in calibrated models. In line with these simulations, recent micro evidence suggests that the return of higher and more volatile inflation seems to be associated with higher frequencies of price changes, mainly because the frequency of price increases rises with the level and volatility of inflation.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961509
    Other identifier:
    hdl: 10419/278587
    Series: Occasional paper series / European Central Bank ; no 321
    Subjects: state-dependent price setting and non-linearities; heterogeneity; real andnominal rigidities; price Phillips curve
    Scope: 1 Online-Ressource (37 Seiten), Illustrationen
  4. Micro price heterogeneity and optimal inflation
    Author: Santoro, Sergio; Weber, Henning
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper discusses the normative implications of the micro evidence on heterogeneity in price setting gathered by the Price-setting Microdata Analysis Network (PRISMA) for the level of inflation that central banks should target. The micro price... more

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    This paper discusses the normative implications of the micro evidence on heterogeneity in price setting gathered by the Price-setting Microdata Analysis Network (PRISMA) for the level of inflation that central banks should target. The micro price data underlying the consumer price index are used to estimate relative price trends over the product life cycle. Minimising the welfare consequences of relative price distortions in the presence of these trends requires targeting a significantly positive inflation rate in France, Germany and Italy: the steady-state inflation rate, jointly maximising welfare in all three countries, ranges from 1.1% to 1.7%. Other considerations not taken into account in the present paper may push up optimal inflation targets further. The welfare costs of targeting an inflation rate of zero, as suggested by monetary models ignoring relative price trends, or of targeting 4%, turn out to be substantial.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961516
    Other identifier:
    hdl: 10419/278588
    Series: Occasional paper series / European Central Bank ; no 322
    Subjects: optimal inflation target; relative price trends; welfare
    Scope: 1 Online-Ressource (21 Seiten), Illustrationen
  5. Price adjustment in the euro area in the low-inflation period
    evidence from consumer and producer micro price data
    Author: 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
    Published: [2023]
    Publisher:  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... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    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.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289960632
    Other identifier:
    hdl: 10419/278585
    Series: Occasional paper series / European Central Bank ; no 319
    Subjects: price stickiness; consumer prices; producer prices; scanner data
    Scope: 1 Online-Ressource (52 Seiten), Illustrationen
  6. Some implications of micro pricesetting evidence for inflation dynamics and monetary transmission
    Author: Dedola, Luca; Gautier, Erwan; Nakov, Anton; Santoro, Sergio; Veirman, Emmanuel de; Henkel, Lukas; Fagandini, Bruno
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses the implications of the evidence on micro price setting gathered by Price-setting Microdata Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical evidence.... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper analyses the implications of the evidence on micro price setting gathered by Price-setting Microdata Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical evidence. According to models calibrated to the euro area micro evidence in Gautier et al. (2022, 2023), infrequent price changes and moderate state dependence in price setting should result in a meaningful Phillips curve in the euro area. Empirical estimates of the Phillips curve during the low-inflation period confirm previous findings of a relatively flat but stable slope. This estimated flat slope reflects both infrequent and subdued price adjustment in response to aggregate shocks, i.e. the presence of nominal and real rigidities. Model-based simulations show that, due to non-linearities in price setting, changes in trend inflation above 5-6% would have significant effects on the euro area Phillips curve. Similarly, shocks to nominal costs larger than 15% would result in non-linear effects on inflation dynamics in calibrated models. In line with these simulations, recent micro evidence suggests that the return of higher and more volatile inflation seems to be associated with higher frequencies of price changes, mainly because the frequency of price increases rises with the level and volatility of inflation.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961509
    Other identifier:
    hdl: 10419/278587
    Series: Occasional paper series / European Central Bank ; no 321
    Subjects: state-dependent price setting and non-linearities; heterogeneity; real andnominal rigidities; price Phillips curve
    Scope: 1 Online-Ressource (37 Seiten), Illustrationen
  7. Micro price heterogeneity and optimal inflation
    Author: Santoro, Sergio; Weber, Henning
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper discusses the normative implications of the micro evidence on heterogeneity in price setting gathered by the Price-setting Microdata Analysis Network (PRISMA) for the level of inflation that central banks should target. The micro price... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper discusses the normative implications of the micro evidence on heterogeneity in price setting gathered by the Price-setting Microdata Analysis Network (PRISMA) for the level of inflation that central banks should target. The micro price data underlying the consumer price index are used to estimate relative price trends over the product life cycle. Minimising the welfare consequences of relative price distortions in the presence of these trends requires targeting a significantly positive inflation rate in France, Germany and Italy: the steady-state inflation rate, jointly maximising welfare in all three countries, ranges from 1.1% to 1.7%. Other considerations not taken into account in the present paper may push up optimal inflation targets further. The welfare costs of targeting an inflation rate of zero, as suggested by monetary models ignoring relative price trends, or of targeting 4%, turn out to be substantial.

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961516
    Other identifier:
    hdl: 10419/278588
    Series: Occasional paper series / European Central Bank ; no 322
    Subjects: optimal inflation target; relative price trends; welfare
    Scope: 1 Online-Ressource (21 Seiten), Illustrationen
  8. On the perils of stabilizing prices when agents are learning
    Author: Mele, Antonio; Molnár, Krisztina; Santoro, Sergio
    Published: 2015
    Publisher:  CESifo, München

    We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains... more

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    Staats- und Universitätsbibliothek Bremen
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    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (5173)
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    We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains without triggering an abrupt loss of confidence, since agents update expectations sluggishly. In the long run agents learn the policy implemented, and the economy converges to a rational ex- pectations equilibrium in which policy does not stabilize prices, economic volatility is high, and agents suffer the corresponding welfare losses. However, these losses are outweighed by short term gains from the learning phase.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107297
    RVK Categories: QB 910
    Series: Array ; 5173
    Subjects: Inflationserwartung; Inflationssteuerung; Lernprozess; Neoklassische Synthese
    Scope: Online-Ressource (49 S.), graph. Darst.
  9. On the perils of stabilizing prices when agents are learning
    Author: Mele, Antonio; Molnár, Krisztina; Santoro, Sergio
    Published: 2015
    Publisher:  Norwegian School of Economics and Business Administration, Dep. of Economics, Bergen

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 48 (2015,1)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 11250/274241
    Series: Discussion paper / Norwegian School of Economics and Business Administration, Department of Economics ; 2015,01
    Subjects: Inflationserwartung; Inflationssteuerung; Lernprozess; Neoklassische Synthese
    Scope: Online-Ressource (55 S.)
  10. Informational effects of monetary policy
    Author: Ferrero, Giuseppe; Miccoli, Marcello; Santoro, Sergio
    Published: October [2014]
    Publisher:  Banca d'Italia, [Rom]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 140 (982)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Temi di discussione / Banca d'Italia ; 982
    Subjects: Geldpolitik; Inflationssteuerung; Unvollkommene Information; Lernen
    Scope: 32 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  11. New facts on consumer price rigidity in the Euro Area
    Author: 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
    Published: August 2022
    Publisher:  Bank of Greece, Athens

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 501
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Bank of Greece ; 302
    Subjects: price rigidity; inflation; consumer prices; micro dat
    Scope: 1 Online-Ressource (circa 117 Seiten), Illustrationen
  12. New facts on consumer price rigidity in the euro area
    Author: 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
    Published: [2022]
    Publisher:  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,... more

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    Signature:
    DS 534
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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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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289951180
    Other identifier:
    hdl: 10419/264494
    Series: Working paper series / European Central Bank ; no 2669 (June 2022)
    Subjects: price rigidity; ination; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 116 Seiten), Illustrationen
  13. New facts on consumer price rigidity in the euro area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan‑Blanco, Pau; Rumler, Fabo; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: [2022]
    Publisher:  National Bank of Belgium, Brussels

    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,... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 546
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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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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/273112
    Series: Working paper research / National Bank of Belgium ; no 408 (June 2022)
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 119 Seiten), Illustrationen
  14. New facts on consumer price rigidity in the euro area
    Author: 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
    Published: [2022]
    Publisher:  OeNB, Oesterreichische Nationalbank, Vienna, Austria

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 552
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264832
    Series: Working paper / OeNB, Oesterreichische Nationalbank ; 240
    Subjects: price rigidity; ination; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 118 Seiten), Illustrationen
  15. New facts on consumer price rigidity in the Euro area
    Author: 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
    Published: 2022
    Publisher:  Lietuvos Bankas, Vilnius

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    VS 550
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers series / Lietuvos Bankas ; No.2022,105
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 115 Seiten), Illustrationen
  16. The case for a positive Euro Area inflation target
    evidence from France, Germany and Italy
    Author: Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning
    Published: 20 December 2021
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16828
    Subjects: optimal inflation target; micro price trends; Welfare
    Scope: 1 Online-Ressource (circa Seiten)
  17. New facts on consumer price rigidity in the Euro Area
    Author: 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
    Published: 2022
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
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    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 2225
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 109 Seiten), Illustrationen
  18. New facts on consumer price rigidity in the euro area
    Author: 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
    Published: [2022]
    Publisher:  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,... more

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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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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957299062
    Other identifier:
    hdl: 10419/265428
    Series: Discussion paper / Deutsche Bundesbank ; no 2022, 32
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 111 Seiten), Illustrationen
  19. New facts on consumer price rigidity in the Euro Area
    Author: 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
    Published: August 2022
    Publisher:  National Bank of Slovakia, Bratislava

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    Series: NSB Working paper / National Bank of Slovakia ; 2022,1
    Scope: 1 Online-Ressource
  20. Optimal trend inflation, misallocation and the pass-through of labour costs to prices
    Author: Santoro, Sergio; Viviano, Eliana
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We show that a sticky price model featuring firms' heterogeneity in terms of productivity and strategic complementarities in price setting delivers a strictly positive optimal inflation in steady state, differently from standard New Keynesian models.... more

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    We show that a sticky price model featuring firms' heterogeneity in terms of productivity and strategic complementarities in price setting delivers a strictly positive optimal inflation in steady state, differently from standard New Keynesian models. Due to strategic complementarities, more productive firms have higher markups in steady state. This leads to a misallocation distortion, as more productive firms produce too little compared to the social optimum. An increase of steady state inflation curbs the markups, especially those of the more productive firms, hence attenuating the inefficient dispersion of markups. At low levels of inflation, the gains from the reduction in misallocation outweigh the cost of inflation. Heterogeneity in productivity and strategic complementarities in price setting, the key ingredients of our model, imply that also firms' response to shocks is heterogenous: less productive firms transmit cost shocks to prices much more than more productive ones. To provide empirical support to our key mechanism we resort to a quasi-natural experiment occurred in Italy in late 2014, when a cut to social security contributions for all new open-ended contracts was announced. Consistently with our theory, we show that the pass-through of this shock to labour costs was much stronger for less productive firms.

     
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    ISBN: 9789289954730
    Other identifier:
    hdl: 10419/278286
    Series: Working paper series / European Central Bank ; no 2761 (December 2022)
    Subjects: optimal inflation rate; price pass-through; labour costs; firm heterogeneity
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  21. The case for a positive euro area inflation target
    evidence from France, Germany and Italy
    Author: Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning
    Published: [2021]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Series: Temi di discussione / Banca d'Italia ; number 1344 (October 2021)
    Subjects: optimal inflation target; micro price trends; welfare
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  22. The case for a positive euro area inflation target
    evidence from France, Germany and Italy
    Author: Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning
    Published: [2021]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Using micro price data underlying the Harmonized Index of Consumer Prices in France, Germany and Italy, we estimate relative price trends over the product life cycle and show that minimizing price and mark-up distortions in the presence of these... more

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    Using micro price data underlying the Harmonized Index of Consumer Prices in France, Germany and Italy, we estimate relative price trends over the product life cycle and show that minimizing price and mark-up distortions in the presence of these trends requires targeting a significantly positive inflation target. Relative price trends shift the optimal in ation target up from a level of zero percent, as suggested by the standard sticky price literature, to a range of 1.1%- 2.1% in France, 1.2%-2.0% in Germany, 0.8%-1.0% in Italy, and 1.1-1.7% in the Euro Area (three country average). Differences across countries emerge due to systematic differences in the strength of relative price trends. Other considerations not taken into account in the present paper may push up the optimal inflation targets further. The welfare costs associated with targeting zero inflation turn out to be substantial and range between 2.1% and 4.5% of consumption in present-value terms.

     
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    ISBN: 9783957298348
    Other identifier:
    hdl: 10419/240198
    Series: Discussion paper / Deutsche Bundesbank ; no 2021, 26
    Subjects: Optimal inflation target; micro price trends; welfare
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  23. The case for a positive euro area inflation target
    evidence from France, Germany and Italy
    Author: Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using micro price data underlying the Harmonized Index of Consumer Prices in France, Germany and Italy, we estimate relative price trends over the product life cycle and show that minimizing price and mark-up distortions in the presence of these... more

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    Using micro price data underlying the Harmonized Index of Consumer Prices in France, Germany and Italy, we estimate relative price trends over the product life cycle and show that minimizing price and mark-up distortions in the presence of these trends requires targeting a significantly positive in ation target. Relative price trends shift the optimal in ation target up from a level of zero percent, as suggested by the standard sticky price literature, to a range of 1.1%- 2.1% in France, 1.2%-2.0% in Germany, 0.8%-1.0% in Italy, and 1.1-1.7% in the Euro Area (three country average). Differences across countries emerge due to systematic differences in the strength of relative price trends. Other considerations not taken into account in the present paper may push up the optimal in ation targets further. The welfare costs associated with targeting zero in ation turn out to be substantial and range between 2.1% and 4.5% of consumption in present-value terms.

     
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    Source: Union catalogues
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    ISBN: 9789289947619
    Other identifier:
    hdl: 10419/237714
    Series: Working paper series / European Central Bank ; no 2575 (July 2021)
    Subjects: Optimal ination target; micro price trends; welfare
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  24. Monetary shocks and real exchange rate dynamics
    Author: Federici, Daniela; Santoro, Sergio
    Published: 2001

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: CIDEI working paper ; 65
    Subjects: Kaufkraftparität; Dynamisches Gleichgewicht; Offene Volkswirtschaft; Schock; Theorie; Schätzung; Italien; G7-Staaten
    Scope: 24 S, graph. Darst
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  25. Optimal monetary policy when agents are learning
    Author: Molnár, Krisztina; Santoro, Sergio
    Published: 2010
    Publisher:  Norges Bank, Oslo

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    Content information
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788275535564
    Other identifier:
    hdl: 10419/209953
    Series: Working paper / Norges Bank ; 2010,08
    Subjects: Geldpolitik; Inflationserwartung; Lernprozess; Adaptive Erwartungen; Theorie
    Scope: Online-Ressource (48 S., 718 KB)