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Displaying results 1 to 10 of 10.

  1. Inflation and the skewness of the distribution of relative price changes: empirical evidence for Germany
    Author: Döpke, Jörg; Pierdzioch, Christian
    Published: 2001
    Publisher:  Inst. of World Economics, Kiel

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  2. Inflation and the Skewness of the Distribution of Relative Price Changes : Empirical Evidence for Germany
    Author: Döpke, Jörg; Pierdzioch, Christian
    Published: 2001
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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  3. Inflation thresholds and relative price variability in the ECOWAS region
    Author: Egbuna, Eunice N.; John-Sowe, Maimuna; Kargbo, Santigie M.; Bawa, Sani; Diallo, Ibrahima; Mendy, Isatou
    Published: December 2020
    Publisher:  West African Monetary Institute, [Accra, Ghana]

    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this... more

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 823
    Inter-library loan:
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    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this linkage in most developing countries especially in the ECOWAS region. This paper examines whether RPV responds differently to different inflation regimes across the ECOWAS region, determining the inflation threshold that would minimize the distortionary impact of expected inflation on RPV in the region. Using the Panel Smooth Transition Regression (PSTR) model over the period 2008:M1 to 2019:M12, the paper finds that ECOWAS countries would achieve lower RPV in the moderate/intermediate inflation regime where the undesirable effect of expected inflation on RPV fades out. This regime ranges from an inflation rate of 7.1 percent to 8.3 percent per annum. The paper further establishes different inflation thresholds for the WAEMU and WAMZ countries, which reflects the differences in inflation tolerance levels between the Zones. It shows that inflation targets below the thresholds of 5.5 percent and 8.3 percent per annum, are desirable in the WAEMU and WAMZ, respectively. Along these lines, this paper concludes that ECOWAS countries should adopt a two-tier inflation compliance regime, until a common monetary policy framework is adopted across the region. The determination of appropriate inflation targets in line with these thresholds in both Zones would pave the way for the adoption of an inflation targeting (IT) regime to anchor inflation expectations and enhance credibility to monetary policy across the wider ECOWAS region.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264231
    Series: WAMI occasional paper series ; no. 20
    Subjects: Inflation threshold; relative prices; monetary policy; ECOWAS
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  4. Relative price changes of ecosystem services
    evidence from Germany
    Author: Heckenhahn, Jonas; Drupp, Moritz A.
    Published: March 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Discounting future costs and benefits is a crucial yet contentious practice in the appraisal of long-term public projects with environmental consequences. The standard approach typically neglects that ecosystem services are not easily substitutable... more

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    Discounting future costs and benefits is a crucial yet contentious practice in the appraisal of long-term public projects with environmental consequences. The standard approach typically neglects that ecosystem services are not easily substitutable with manufactured goods and often exhibit considerably lower growth rates. Theory has shown that we should either apply differentiated discount rates, such as a lower environmental discount rate, or account for increases in relative scarcity by uplifting environmental values. Some governments already integrate this into their guidance, but empirical evidence is scarce. We provide first comprehensive country-specific evidence, taking Germany as a case study. We estimate growth rates of 15 ecosystem services and the degree of limited substitutability based on a meta-analysis of 36 willingness to pay studies in Germany. We find that the relative price of ecosystem services has increased by more than four percent per year in recent decades. Heterogeneity analysis suggests that relative price changes are most substantial for regulating ecosystem services. Our findings underscore the importance of considering relative price adjustments in governmental project appraisal and environmental-economic accounting.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/260786
    Series: CESifo working paper ; no. 9656 (2022)
    Subjects: willingness to pay; discounting; relative prices; ecosystem services; substitutability; growth; cost-benefit analysis
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  5. Price spillovers in Norway
    less prevalent after the 1980s
    Author: Matsen, Kristine Aunvåg
    Published: [2023]
    Publisher:  Norges Bank, [Oslo]

    This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely been transient over the... more

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    This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely been transient over the past two-three decades. However, this has been a period of low and stable inflation. Evidence from the 1980s suggest that relative price shocks had greater passthrough to other prices, and thus core inflation, in a high inflation regime.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788283792782
    Other identifier:
    hdl: 11250/3073129
    hdl: 10419/298510
    Series: Staff memo / Norges Bank ; no. 2023, 12
    Subjects: Inflation; relative prices
    Scope: 1 Online-Ressource (circa 13 Seiten), Illustrationen
  6. Population aging, relative prices and capital flows across the globe
    Author: Papetti, Andrea
    Published: [2021]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1333 (April 2021)
    Subjects: population aging; relative prices; capital flows; overlapping generations; tradable nontradable; secular stagnation; structural transformation; global imbalances
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  7. Simulating the constant cost trade model
    Author: Durmaz, Nazif; Thompson, Henry
    Published: February 2024
    Publisher:  Auburn University, Department of Economics, [Auburn, AL]

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    VS 521
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Auburn University, Department of Economics ; AUWP 2024, 03
    Subjects: comparative advantage; relative prices; simulation; constant cost trade
    Scope: 1 Online-Ressource (circa 24 Seiten)
  8. Seuils d'inflation et variabilité des prix relatifs dans l'espace cedeao
    Author: Egbuna, Eunice N.; John-Sowe, Maimuna; Kargbo, Santigie M.; Bawa, Sani; Diallo, Ibrahima; Mendy, Isatou
    Published: Decembre 2020
    Publisher:  Institut monetaire de l'Afrique de l'Ouest, [Accra, Ghana]

    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 823
    Inter-library loan:
    No inter-library loan

     

    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this linkage in most developing countries especially in the ECOWAS region. This paper examines whether RPV responds differently to different inflation regimes across the ECOWAS region, determining the inflation threshold that would minimize the distortionary impact of expected inflation on RPV in the region. Using the Panel Smooth Transition Regression (PSTR) model over the period 2008:M1 to 2019:M12, the paper finds that ECOWAS countries would achieve lower RPV in the moderate/intermediate inflation regime where the undesirable effect of expected inflation on RPV fades out. This regime ranges from an inflation rate of 7.1 percent to 8.3 percent per annum. The paper further establishes different inflation thresholds for the WAEMU and WAMZ countries, which reflects the differences in inflation tolerance levels between the Zones. It shows that inflation targets below the thresholds of 5.5 percent and 8.3 percent per annum, are desirable in the WAEMU and WAMZ, respectively. Along these lines, this paper concludes that ECOWAS countries should adopt a two-tier inflation compliance regime, until a common monetary policy framework is adopted across the region. The determination of appropriate inflation targets in line with these thresholds in both Zones would pave the way for the adoption of an inflation targeting (IT) regime to anchor inflation expectations and enhance credibility to monetary policy across the wider ECOWAS region.

     
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    Source: Union catalogues
    Language: French
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/270753
    Series: Series de publications occasionnelles de l’IMAO ; no 20
    Subjects: Inflation threshold; relative prices; monetary policy; ECOWAS
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  9. The impact of the pandemic and war on surplus redistribution mechanisms
    a sectoral analysis of France and Italy
    Author: Garau, Giorgio; El Meligi, Andrea Karim
    Published: agosto 2023
    Publisher:  Arkadia, Cagliari

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    VS 673
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788868514723
    Edition: Prima edizione
    Series: Working papers / CRENoS ; 2023, 10
    Subjects: input-output; Total Factor Productivity Surplus; relative prices
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  10. Limited substitutability, relative price changes and the uplifting of public natural capital values
    Author: Drupp, Moritz A.; Turk, Zachary; Groom, Benjamin; Heckenhahn, Jonas
    Published: June 2024
    Publisher:  CESifo, Munich, Germany

    While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown how such shifts in relative scarcities can be reflected in project appraisal and environmental-economic accounting, but empirical... more

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    Verlag (kostenfrei)
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
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    While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown how such shifts in relative scarcities can be reflected in project appraisal and environmental-economic accounting, but empirical evidence has been sparse to put theory into practice. To estimate the relative price change in ecosystem services that can be used for making such adjustments, we perform a global meta-analysis of contingent valuation studies to derive income elasticities of willingness to pay (WTP) for ecosystem services to proxy the degree of limited substitutability. Based on 861 income-WTP pairs from more than 400 studies, we estimate an income elasticity of WTP of around 0.8. Combined with estimates of good-specific growth rates, we estimate relative price change of ecosystem services of around 2.2 percent per year. In an application to natural capital valuation of forest ecosystem services by the World Bank, we show that public forest natural capital should be uplifted by around 60 percent. Our assessment of aggregate public natural capital yields a larger value adjustment of between 100 and 170 percent, depending on the discount rate. We discuss implications for policy appraisal and for improving estimates of natural capital in comprehensive wealth accounts.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/301282
    Series: CESifo working papers ; 11156 (2024)
    Subjects: willingness to pay; ecosystem services; income elasticity; limited substitutability; growth; relative prices; contingent valuation; forests; natural capital
    Scope: 1 Online-Ressource (circa 80 Seiten), Illustrationen