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首页> 外文期刊>Review of world economics = >Sectoral inflationary dynamics: cross-country evidence on the open-economy New Keynesian Phillips Curve
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Sectoral inflationary dynamics: cross-country evidence on the open-economy New Keynesian Phillips Curve

机译：部门通胀动态：开放经济新凯恩斯主义菲利普斯曲线上的跨国证据

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Introduction This paper empirically evaluates the significance of domestic and external factors on two-digit sectoral inflation dynamics in a sample of OECD countries using open-economy New Keynesian Phillips Curve models. It focuses on the independent impacts of imported consumption goods and intermediate inputs on sectoral inflation dynamics to investigate whether there is a systematic relationship between the extent of production integration and estimated sensitivities. Methods The study begins with a formal analysis to show in which channels consumption goods and intermediate inputs affect inflation in the open-economy NKPC models. Then it employs the Prais-Winsten regression heteroskedastic panels corrected standard errors (PCSE) approach, rather than the GMM, to overcome various covariation issues in the empirical analysis. Results The results suggest that both domestic and external factors play significant roles in inflation dynamics. Impacts vary across sectors depending on the degree of integration into the global value chains and the nature of trade matters in detecting the appropriate trade effects on inflation. Conclusion These results are of interest to policymakers since the heterogeneity in price-setting behavior among sectors complicates the monetary policy transmission mechanism. The finding that inflation dynamics is jointly determined by domestic and external factors necessitates coordination of domestic monetary policy and trade, as well as industrial policies. Trade and industrial policies need to be sector-specific and designed to improve competition in domestic and international markets to enhance the effectiveness of monetary policies.
机译：引言本文使用开放经济的新凯恩斯主义菲利普斯曲线模型，对经合组织国家样本中两位数的部门通货膨胀动态进行了经验性的内部和外部因素评估。它着重于进口消费品和中间投入对部门通货膨胀动态的独立影响，以研究生产一体化程度与估计敏感性之间是否存在系统关系。方法该研究从形式分析开始，以显示开放经济NKPC模型中消费品和中间投入在哪些渠道影响通货膨胀。然后，它采用Prais-Winsten回归异方差面板校正的标准误差（PCSE）方法而不是GMM来克服经验分析中的各种协变量问题。结果结果表明，国内外因素在通货膨胀动态中均起着重要作用。各个部门的影响各不相同，这取决于融入全球价值链的程度以及在检测对通货膨胀的适当贸易影响时贸易的性质。结论由于决策者之间价格制定行为的异质性使货币政策的传导机制复杂化，因此决策者对这些结果感兴趣。通胀动态是由国内和外部因素共同决定的发现，需要协调国内货币政策和贸易以及产业政策。贸易和工业政策必须针对特定部门，并旨在改善国内和国际市场上的竞争以增强货币政策的有效性。

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