Heterogeneous response of disaggregate inflation to monetary policy regime change: The role of price stickiness

Chi-Young Choi; Roisin OSullivan

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Heterogeneous response of disaggregate inflation to monetary policy regime change: The role of price stickiness

机译：总体通胀对货币政策体制变化的异质反应：价格粘性的作用

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This paper explores how a monetary regime change affects headline inflation via differential effects on various sectors in the economy. Using disaggregated CPI data for Canada, we find that the response to the adoption of inflation targeting (IT) was quite heterogeneous across sectors. While sticky-price sectors experienced a notable change in inflation dynamics following IT adoption, little structural change was observed in flexible price sectors. Our analysis based on a common factor model suggests that the structural changes in the sticky price sectors are driven by a decline in their responses to common aggregate shocks, including a monetary shock.

机译：本文探讨了货币制度的变化如何通过对经济各个部门的不同影响来影响整体通货膨胀。使用加拿大的CPI数据分类，我们发现，采用通货膨胀目标制（IT）的反应在各个部门之间是非常不同的。尽管采用IT之后，粘性价格部门的通货膨胀动态发生了显着变化，但在灵活的价格部门中几乎没有观察到结构性变化。我们基于公共因子模型的分析表明，粘性价格部门的结构性变化是由它们对包括货币冲击在内的常见总体冲击的响应下降导致的。

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来源
《Journal of Economic Dynamics and Control》 |2013年第9期|1814-1832|共19页
作者
Chi-Young Choi; Roisin OSullivan;
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作者单位

Department of Economics, University of Texas at Arlington, USA;

Department of Economics, Smith College, USA;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Price stickiness; Sectoral inflation dynamics; Monetary policy regime; Inflation targeting (IT); Common factor model;

机译：价格粘性;部门通胀动态;货币政策制度;通胀目标（IT）;公因子模型;

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2. Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data [J] . Jean Boivin, Marc Giannoni, Ilian Mihov Working Paper Series. Monetary Economics . 2007,第12824期

机译：粘性价格和货币政策：来自分类美国数据的证据
3. Asset prices regime-switching and the role of inflation targeting monetary policy [J] . Ioannis Chatziantoniou, George Filis, Christos Floros Global finance journal . 2017,第期

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4. Sticky Equilibrium Exchange Effect Model of Monetary Policy and Elastic Analysis on Pricing of RMB Exchange [C] . Seong Leong Ng, Bill Dewar 2006年中国国际金融年会 . 2006

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7. How well do the sticky price models explain the disaggregated price responses to aggregate technology and monetary policy shocks? [O] . Jouchi Nakajima, Nao Sudo, Takayuki Tsuruga 100

机译：粘性价格模型如何解释对总体技术和货币政策冲击的分解价格反应？

Heterogeneous response of disaggregate inflation to monetary policy regime change: The role of price stickiness

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