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The evolving inflation process: an overview

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Author Info
Gabriele Galati
William R. Melick (Kenyon College)

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Abstract

This paper reviews analytical work carried out by central banks that participated in the Autumn Meeting of Central Bank Economists on "The evolving inflation process" which the BIS hosted on 28-29 October 2005. The paper first discusses efforts to document the univariate statistical properties of inflation and how they have changed over the last decades. It then reviews studies of disaggregated or micro inflation data and evidence from surveys of firms concerning their pricing behaviour. Using this micro evidence as background, the paper also attempts to understand the proximate causes for any changes in the inflation process, such as disparities in the price behaviour of tradables and non-tradables or movements in energy prices. The paper then summarises central bank research on changes in the ultimate determinants of factors impinging on the inflation process, for example a changing monetary policy regime, increased globalisation or a legislative reform of the labour market.

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Publisher Info
Paper provided by Bank for International Settlements in its series BIS Working Papers with number 196.

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Length: 28 pages
Date of creation: Feb 2006
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Handle: RePEc:bis:biswps:196

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Related research
Keywords: business fluctuations; cycles; market structure and pricing; economic integration and globalization; inflation; monetary policy;

Find related papers by JEL classification:
D4 - Microeconomics - - Market Structure and Pricing
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
F0 - International Economics - - General
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

Cited by:
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  1. Alberto Musso & Livio Stracca & Dick van Dijk, 2007. "Instability and nonlinearity in the Euro area Phillips curve," Working Paper Series 811, European Central Bank. [Downloadable!]
    Other versions:
  2. Forte, Antonio, 2009. "The pass-through effect: a twofold analysis," MPRA Paper 16527, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Toshitaka Sekine & Yuki Teranishi, 2008. "Inflation Targeting and Monetary Policy Activism," IMES Discussion Paper Series 08-E-13, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
  4. Forte, Antonio, 2009. "The stability of the inflation rate in the Euro area: the role of Globalization and labour market," MPRA Paper 16587, University Library of Munich, Germany. [Downloadable!]
  5. Jane Ihrig & Steven B. Kamin & Deborah Lindner & Jaime Marquez, 2007. "Some simple tests of the globalization and inflation hypothesis," International Finance Discussion Papers 891, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  6. Aleksejs Melihovs & Anna Zasova, 2007. "Estimation of the Phillips Curve for Latvia," Working Papers 2007/03, Latvijas Banka. [Downloadable!]
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