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The Euro Changeover and Price Adjustments in Italy

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  • Guglielmo Maria Caporale
  • Alessandro Girardi
  • Marco Ventura

Abstract

By estimating a staggered price model over the period 1980q1-2010q2, this paper documents that, after the euro changeover, Italian retailers have increased the number of price adjustments, which has translated into a higher inflation rate, with a detrimental effect on the competitiveness of the Italian economy

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2011/wp-cesifo-2011-03/cesifo1_wp3386.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3386.

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Date of creation: 2011
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Handle: RePEc:ces:ceswps:_3386

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Keywords: Euro changeover; staggered price adjustments; inflation;

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  1. Levy, Daniel, et al, 1997. "The Magnitude of Menu Costs: Direct Evidence from Large U.S. Supermarket Chains," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(3), pages 791-825, August.
  2. Mark Zbaracki & Mark Ritson & Daniel Levy & Shantanu Dutta & Mark Bergen, 2003. "Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets," Working Papers, Bar-Ilan University, Department of Economics 2003-07, Bar-Ilan University, Department of Economics.
  3. Mark Bergen & Daniel Levy & Sourav Ray & Paul Rubin & Benjamin Zeliger, 2004. "When Little Things Mean a Lot: On the Inefficiency of Item Pricing Laws," Emory Economics, Department of Economics, Emory University (Atlanta) 0404, Department of Economics, Emory University (Atlanta).
  4. Zuzana Janko, 2008. "Nominal Wage Contracts, Labor Adjustment Costs and the Business Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(2), pages 434-448, April.
  5. Fehr, Ernst & Tyran, Jean-Robert, 2004. "Money Illusion and Coordination Failure," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4283, C.E.P.R. Discussion Papers.
  6. Akerlof, George A., 2001. "Behavioral Macroeconomics and Macroeconomic Behavior," Nobel Prize in Economics documents, Nobel Prize Committee 2001-4, Nobel Prize Committee.
  7. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(1), pages 191-205, February.
  8. Bakhshi, Hasan & Khan, Hashmat & Rudolf, Barbara, 2006. "The Phillips Curve Under State-Dependent Pricing," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5945, C.E.P.R. Discussion Papers.
  9. Jordi Gali & Mark Gertler, 2000. "Inflation Dynamics: A Structural Econometric Analysis," NBER Working Papers 7551, National Bureau of Economic Research, Inc.
  10. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(3), pages 383-398, September.
  11. Hall, Simon & Walsh, Mark & Yates, Anthony, 2000. "Are UK Companies' Prices Sticky?," Oxford Economic Papers, Oxford University Press, vol. 52(3), pages 425-46, July.
  12. Giancarlo Marini & Alessandro Piergallini & Pasquale Scaramozzino, 2007. "Inflation bias after the Euro: evidence from the UK and Italy," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 39(4), pages 461-470.
  13. Consuelo Riano & Fco. Javier Ruiz & Rafael Santamaria, 2007. "Determinants of the underpricing of new shares during the subscription period: empirical evidence from the Spanish stock exchange," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(7), pages 521-540.
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