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The influence of inflation on differential price changes across European markets

  • Christos Ioannidis
  • Mick Silver

This paper provides the results of an empirical study of the dispersion of consumer price inflation for each of 19 product groups across 11 European countries using monthly data covering the 1980s. The study relates the degree of inflation dispersion in a market to the mean inflation rate. Thus, we show how differential price changes across European markets are influenced by inflation. A model of asymmetric response of relative inflation variability to inflation is tested. Hypotheses are also tested regarding broad categories of traded, nontraded, and regulated products, and results are provided for individual product groups. Copyright International Atlantic Economic Society 2001

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File URL: http://hdl.handle.net/10.1007/BF02299930
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Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

Volume (Year): 29 (2001)
Issue (Month): 1 (March)
Pages: 31-47

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Handle: RePEc:kap:atlecj:v:29:y:2001:i:1:p:31-47
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  1. Lawrence S. Davidson & R. W. Hafer, 1984. "Relative price variability: evidence from supply and demand events," Working Papers 1984-021, Federal Reserve Bank of St. Louis.
  2. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  3. Benabou, Roland & Gertner, Robert, 1993. "Search with Learning from Prices: Does Increased Inflationary Uncertainty Lead to Higher Markups?," Review of Economic Studies, Wiley Blackwell, vol. 60(1), pages 69-94, January.
  4. Demetriades, Panikos O, 1989. "The Relationship between the Level and Variability of Inflation: Theory and Evidence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(3), pages 239-50, July-Sept.
  5. Hartman, Richard, 1991. "Relative Price Variability and Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 185-205, May.
  6. Ball, L. & Mankiw, N.G., 1992. "Asymmetric Price Adjustment and Economic Fluctuations," Harvard Institute of Economic Research Working Papers 1602, Harvard - Institute of Economic Research.
  7. Laurence Ball & David Romer, 1987. "The Equilibrium and Optimal Timing of Price Changes," NBER Working Papers 2432, National Bureau of Economic Research, Inc.
  8. Domberger, Simon, 1987. "Relative Price Variability and Inflation: A Disaggregated Analysis," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 547-66, June.
  9. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
  10. Sheshinski, Eytan & Weiss, Yoram, 1977. "Inflation and Costs of Price Adjustment," Review of Economic Studies, Wiley Blackwell, vol. 44(2), pages 287-303, June.
  11. Engle, R. F. & Granger, C. W. J. (ed.), 1991. "Long-Run Economic Relationships: Readings in Cointegration," OUP Catalogue, Oxford University Press, number 9780198283393, March.
  12. Van Hoomissen, Theresa, 1988. "Price Dispersion and Inflation: Evidence from Israel," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1303-14, December.
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