Modelling Italian Inflation, 1970-2006
AbstractIn this paper we propose a model for the dynamics of inflation in Italy. It is shown that both in the short and long run the inflation patterns cannot be explained by a single cause. Changes in monetary and credit markets, and in many sectors of the Italian economy suggest to split the sample period into two sub-samples and modelling inflation differently for each of the periods. Moreover, a robustness analysis rejects the hypothesis of a structural break associated with the institutional changes occurred in 1999, with the adhesion to the EMU and the adoption of the euro.
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Bibliographic InfoArticle provided by SIPI Spa in its journal Rivista di Politica Economica.
Volume (Year): (2009)
Issue (Month): 1 (January-March)
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inflation dynamics; structural breaks; equilibrium correction models;
Find related papers by JEL classification:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
- E00 - Macroeconomics and Monetary Economics - - General - - - General
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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