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L 'euro ha creato inflazione? Changeover e arrotondamenti dei prezzi al consumo in Italia nel 2002

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Author Info

  • Franco Mostacci

    ()
    (ISTAT, Servizio Statistiche dei Prezzi, Roma)

  • Roberto Sabbatini

    ()
    (Banca d'Italia, Servizio Studi, Roma)

Abstract

The purpose of this paper is to estimate the specific impact of the introduction of the euro on Italian consumer inflation that can be attributed solely to the rounding of prices to figures that are "attractive" in euro. The empirical analysis is based on a large sub-set of prices used by Istat to calculate the general consumer price index for Italy. Between January and October 2002 the general consumer price index rose 2.4%; the impact of rounding on the general consumer price index in Italy amounted to between 0.3 and 0.9 percentage points, depending on the method of estimation used. With reference to the average rise in the general consumer price index of 2.5% in 2002, the impact on average annual consumer price inflation in 2002 lies between 0.1 and 0.5 percentage points. The changeover apparently worked its effect mainly through products sold by traditional retail channels.

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File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/10358/10258
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Bibliographic Info

Article provided by Economia civile in its journal Moneta e Credito.

Volume (Year): 56 (2003)
Issue (Month): 221 ()
Pages: 45-95

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Handle: RePEc:psl:moneta:2003:12

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Related research

Keywords: Consumer Price Index; Inflation; Prices;

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References

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  1. Laurence Ball & N. Gregory Mankiw, 1993. "Relative-price changes as aggregate supply shocks," Working Papers 93-13, Federal Reserve Bank of Philadelphia.
  2. Brenner, Gabrielle A & Brenner, Reuven, 1982. "Memory and Markets, or Why Are You Paying $2.99 for a Widget?," The Journal of Business, University of Chicago Press, vol. 55(1), pages 147-58, January.
  3. Hasan Bakhshi & Tony Yates, 1999. "To trim or not to trim? An application of a trimmmed mean inflation estimator to the United Kingdom," Bank of England working papers 97, Bank of England.
  4. Aucremanne, L. & Cornille, D., 2001. "Attractive Prices and Euro-Rounding Effects on Inflation," Papers 17, Warwick - Development Economics Research Centre.
  5. C.K. Folkertsma, 2001. "The Euro and Psychological Prices: Simulations of the Worst-Case Scenario," WO Research Memoranda (discontinued) 659, Netherlands Central Bank, Research Department.
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Cited by:
  1. Wioletta Dziuda & Giovanni Mastrobuoni, 2009. "The Euro Changeover and Its Effects on Price Transparency and Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(1), pages 101-129, 02.
  2. Silvia Fabiani & Angela Gattulli & Roberto Sabbatini, 2004. "The pricing behaviour of Italian firms: new survey evidence on price stickiness," Temi di discussione (Economic working papers) 515, Bank of Italy, Economic Research and International Relations Area.
  3. Silvia Fabiani & Angela Gattulli & Roberto Sabbatini & Giovanni Veronese, 2005. "Consumer Price Setting In Italy," Temi di discussione (Economic working papers) 556, Bank of Italy, Economic Research and International Relations Area.

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