TY  - UNPD
A1  - Beck, Guenter W.
A1  - Hubrich, Kirstin
A1  - Marcellino, Massimiliano
T1  - On the importance of sectoral shocks for price-setting
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,32
N2  - We use a novel disaggregate sectoral euro area dataset with a regional breakdown that allows explicit estimation of the sectoral component of price changes (rather than interpreting the idiosyncratic component as sectoral as done in other papers). Employing a new method to extract factors from over-lapping data blocks, we find for our euro area data set that the sectoral component explains much less of the variation in sectoral regional inflation rates and exhibits much less volatility than previous findings for the US indicate. Country- and region-specific factors play an important role in addition to the sector-specific factors. We conclude that sectoral price changes have a “geographical” dimension, as yet unexplored in the literature, that might lead to new insights regarding the properties of sectoral price changes.
T3  - CFS working paper series - 2009, 32 
KW  - Disaggregated Prices
KW  - Euro Area Regional and Sectoral Inflation
KW  - Common Factor Models
KW  - Europäische Union
KW  - Währungsunion
KW  - Mitgliedsstaaten
KW  - Wirtschaftssektor
KW  - Preisänderung
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7390
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-73629
ER  -