Macro Price setting in the euro area: Some stylised facts from Individual Producer Price
Macro Price setting in the euro area: Some stylised facts from Individual Producer Price
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欧元区的宏观价格设定：来自个体生产者价格的一些典型事实
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
P. Vermeulen
中科院分区：
文献类型：
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作者：
Daniel Dias;Maarten Dossche;E. Gautier;I. Hernando;R. Sabbatini;Harald Stahl;P. Vermeulen
本文主要研究了欧元区6个国家（德国、法国、意大利、西班牙、比利时和葡萄牙）的生产者价格设定。它从关于这些国家的现有研究中收集证据，并提供新的证据。这些研究使用月度生产者价格数据。以下五个典型的事实在各国都是一致的。首先，生产者价格变动不频繁：每个月约有21%的价格变动。第二，价格变动的频率存在着很大的跨部门差异：能源部门的价格变动非常频繁，食品和中间产品的变动较少，非耐用非食品和耐用产品的变动最少。第三，各国在价格变动频率方面的行业排名相似。第四，没有证据表明名义刚性下降：价格变化约为45%下降和55%上升。第五，价格变化与通货膨胀率相比相当大。本文还研究了驱动生产者价格变动的因素。研究发现，成本结构、竞争、季节性、通货膨胀和有吸引力的定价都在推动生产者价格变化中发挥作用。此外，生产者价格往往比消费者价格更灵活。
This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use monthly producer price data. The following five stylised facts emerge consistently across countries. First, producer prices change infrequently: each month around 21% of prices change. Second, there is substantial cross-sector heterogeneity in the frequency of price changes: prices change very often in the energy sector, less often in food and intermediate goods and least often in non-durable non- food and durable goods. Third, countries have a similar ranking of industries in terms of frequency of price changes. Fourth, there is no evidence of downward nominal rigidity: price changes are for about 45% decreases and 55% increases. Fifth, price changes are sizeable compared to the inflation rate. The paper also examines the factors driving producer price changes. It finds that costs structure, competition, seasonality, inflation and attractive pricing all play a role in driving producer price changes. In addition producer prices tend to be more flexible than consumer prices.