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Rigidities and inflation persistence of services and regulated prices

✍ Scribed by Patrick Lünnemann; Thomas Y. Mathä

Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
245 KB
Volume
31
Category
Article
ISSN
0143-6570

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✦ Synopsis

Abstract

This paper studies price level rigidity and inflation persistence for EU15 member states using data on more than 1500 HICP sub‐indices. Services and HICP sub‐indices subject to price regulation exhibit a higher degree of price rigidity, with less frequent but larger index changes and a stronger asymmetry between increases and decreases. For most countries as well as for the EU15 and the euro area aggregates, excluding services from the HICP leads to a lower measured degree of inflation persistence; a similar though smaller effect is obtained by removing regulated indices from the HICP. Copyright © 2010 John Wiley & Sons, Ltd.

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