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The redistributional impact of inflation in Greece

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Author Info

  • Theodore Mitrakos

    () (Bank of Greece)

  • Stauros Zografakis

    (University of Patras)

Abstract

Inflation is often assumed to affect all people in the same way. However, differences in spending patterns across households and differences in price changes across goods and services lead to a different inflation rate for each household. In this paper, we estimate inflation rates for various population groups in Greece during the period 1999-2004 as well as the causes of differences between them. Our results suggest that these differences are considerable and the most of them can be traced to changes in the relative prices of food & non-alcoholic beverages, housing, and alcoholic beverages & tobacco. We find that socially-sensitive population groups such as pensioners, the unemployed, the economically weak and more generally individuals facing a relatively high risk of poverty suffer disproportionately from inflation. Moreover, the distributional impact of price changes seems to have a negative effect on various inequality and poverty indices.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull200501.pdf
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Bibliographic Info

Article provided by Bank of Greece, Economic Research Department in its journal Economic Bulletin.

Volume (Year): (2005)
Issue (Month): 24 (January)
Pages: 45-82

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Handle: RePEc:bog:econbl:y:2005:i:24:p:45-82

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Web page: http://www.bankofgreece.gr
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Related research

Keywords: inflation; income redistribution; inequality;

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References

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  1. van Praag, Bernard M. S., 1991. "Ordinal and cardinal utility : An integration of the two dimensions of the welfare concept," Journal of Econometrics, Elsevier, vol. 50(1-2), pages 69-89, October.
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Cited by:
  1. Nikos G. Zonzilos & Zacharias G. Bragoudakis & Georgia I. Pavlou, 2009. "An analysis of the reliability of first (flash) quarterly national account data releases for Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 32, pages 39-51, May.
  2. Taun N. Toay & Theodore Pelagidis, 2006. "Expensive Living: The Greek Experience under the Euro," Economics Working Paper Archive wp_484, Levy Economics Institute, The.
  3. Theodoros M. Mitrakos & George T. Simigiannis, 2009. "The determinants of Greek household indebtedness and financial stress," Economic Bulletin, Bank of Greece, Economic Research Department, issue 32, pages 7-26, May.
  4. Christos Papazoglou, 2009. "Is Greece's export performance really low?," Economic Bulletin, Bank of Greece, Economic Research Department, issue 32, pages 27-37, May.

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