News ed inflazione: l'Italia all'avvento dell'euro
Can the media play a significant role in shaping pricing behaviour at retail level? What empirical evidence, particularly for inflation after the euro changeover? A model of the news impact on inflation is constructed in terms of a sticky-information Phillips curve with an epidemiology approach to information diffusion. Empirical tests are performed, referring to Italy's CPI developments since the euro's birth. The evidence confirms the news' distinctive role in influencing retail price changes. The latter seem to be im plemented slowly, as information on inflation spreads through market participants. The news impact seems to disappear when contradictory inflation data are reported.
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Volume (Year): 95 (2005)
Issue (Month): 3 (May-June)
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