کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5101076 1479140 2017 39 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Exploring international differences in inflation dynamics
ترجمه فارسی عنوان
بررسی تفاوت های بین المللی در پویایی تورم
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Standard closed-economy DSGE models have difficulty replicating the persistence of inflation. We use a multicountry dataset to establish some empirical regularities on persistence and volatility of aggregate consumer prices for 135 countries since 1993. We find both persistence and volatility to be low (high) in developed (developing) countries relative to the full sample average. This pattern is also observed in low (high) inflation countries. We then employ a two-country DSGE framework to investigate the extent to which structural open economy features, such as incomplete exchange rate pass-through, the existence of nontraded goods, and international financial market incompleteness, can help in replicating the persistence and volatility of consumer prices. Our simulation results indicate that the model can replicate the degree of inflation persistence seen in the data for both developed and developing countries, but cannot generate the low levels of volatility observed in developed economies.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 79, December 2017, Pages 115-135
نویسندگان
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