IDEAS home Printed from
   My bibliography  Save this paper

Commerce vertical et propagation des chocs de prix : le cas de la zone euro


  • Christine Rifflart

    (OFCE - Observatoire Français des Conjonctures économiques - Institut d'Études Politiques [IEP] - Paris - Fondation Nationale des Sciences Politiques [FNSP])

  • Sandra Fronteau

    (Sciences politiques - Université de Montréal [Montréal])

  • Guillaume Daudin

    (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine)

  • Marion Cochard

    (OFCE - OFCE - Sciences Po - Sciences Po)


The decomposition of international value chains is an important aspect of globalization. Many studies have investigated the spread of a global demand shock to the countries of origin of embedded goods. The contribution of this article is to examine the effect of supply shocks on prices, based on a cost-push inflation assumption, using global Input-Output tables from the OECD. The first part presents the method, and in particular we adapt the Leontief price model to a world economy to analyze to exchange rate and productivity shocks. The second part empirically analyzes the impact of shocks on the euro area and the rest of the world when the shock comes from the euro zone. The third part discusses the diffusion modalities of the shocks and shows that they are dominated by the first-round effects and hence the share of inputs imported into production or exports. Our model shows that exchange rate shocks are partially offset by changes in input prices, which, in the case of exchange rate appreciation, limits the loss of competitiveness. In euro area countries the magnitude of this compensation is not insignificant, and it is even higher when countries are open. It is also more important for export prices than for production prices. It is higher for Germany (the elasticity of its exports prices in euro to a choc on the value of the euro is -0.09) than for France (-0.08). The effects of productivity shocks are much greater, in particular because there is a domestic amplification effect before their international spread. Among the large countries, Germany is the most likely to benefit from productivity gains in the CEECs outside the Euro zone (the elasticity of its export prices to a productivity shock in non-eurozone Eastern Europe countries is 0.06 vs 0.025 for France).

Suggested Citation

  • Christine Rifflart & Sandra Fronteau & Guillaume Daudin & Marion Cochard, 2016. "Commerce vertical et propagation des chocs de prix : le cas de la zone euro," Post-Print hal-01482218, HAL.
  • Handle: RePEc:hal:journl:hal-01482218
    Note: View the original document on HAL open archive server:

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. repec:ebl:ecbull:eb-18-00788 is not listed on IDEAS


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01482218. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.