Inflation comovements in advanced economies: Facts and drivers*

被引：3
|
作者：
Alvarez, Luis J. [1 ]
Dolores Gadea, Maria [2 ]
Gomez-Loscos, Ana [1 ]
机构：
[1] Banco Espana, Madrid, Spain
[2] Univ Zaragoza, Dept Appl Econ, Zaragoza, Spain
来源：
WORLD ECONOMY | 2021年 / 44卷 / 02期
关键词：
filtering; inflation; price heterogeneity; synchronisation; trend inflation; EURO AREA; BUSINESS CYCLES; MONETARY-POLICY; DYNAMICS; WORLD;
D O I：
10.1111/twec.13053
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we analyse inflation comovements and their macroeconomic drivers across a wide set of advanced economies. We find a high degree of inflation interdependence, which is highest for euro area countries, which show strong trade links and share a common monetary policy. In contrast, core inflation interdependence is very limited. We also find that inflation interconnectedness is a medium- to long-run phenomenon. Inflation comovements across countries are well explained by an open economy new Keynesian Phillips curve.
引用
收藏
页码：485 / 509
页数：25
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