Inflation and relative price variability in the euro area : evidence from a panel threshold model / Dieter Nautz, Juliane Scharff.
Tipo de material: TextoSeries Discussion paper (Deutsche Bundesbank). Series 1: economic studies ; ; no. 14/2006Detalles de publicación: Frankfurt am Main : Deutsche Bundesbank, 2006Descripción: 45 pISBN:- 3865581439
- 21 332.41094
Tipo de ítem | Biblioteca actual | Signatura | Estado | Fecha de vencimiento | Código de barras |
---|---|---|---|---|---|
Documento | Biblioteca Manuel Belgrano | F 332.41094 N 20933 (Navegar estantería(Abre debajo)) | Disponible | 20933 F |
Bibliografía: p. 25-27.
In recent macroeconomic theory, relative price variability (RPV) generates the central distortions of inflation. This paper provides first evidence on the empirical relation between inflation and RPV in the euro area focusing on threshold effects of inflation. We find that expected inflation significantly increases RPV if inflation is either very low (below -1.38% p.a.) or very high (above 5.94% p.a.). In the intermediate regime, however, expected inflation has no distorting effects which supports price stability as an outcome of optimal monetary policy.
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