Arbeitspapier
On the importance of sectoral shocks for price-setting
We use a novel disaggregate sectoral euro area dataset with a regional breakdown that allows explicit estimation of the sectoral component of price changes (rather than interpreting the idiosyncratic component as sectoral as done in other papers). Employing a new method to extract factors from over-lapping data blocks, we find for our euro area data set that the sectoral component explains much less of the variation in sectoral regional inflation rates and exhibits much less volatility than previous findings for the US indicate. Country- and region-specific factors play an important role in addition to the sector-specific factors. We conclude that sectoral price changes have a 'geographical' dimension, as yet unexplored in the literature, that might lead to new insights regarding the properties of sectoral price changes.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper ; No. 2009/32
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
- Thema
-
Disaggregated Prices
Euro Area Regional and Sectoral Inflation
Common Factor Models
Inflation
Preisspanne
Branche
Schock
Regionale Preisstruktur
Schätzung
Eurozone
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Beck, Guenter W.
Hubrich, Kirstin
Marcellino, Massimiliano
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2009
- Handle
- URN
-
urn:nbn:de:hebis:30-73629
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Beck, Guenter W.
- Hubrich, Kirstin
- Marcellino, Massimiliano
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2009
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