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Euro Area Inflation and ECB Policy in a Global Environment

Christophe Blot 1 Jérôme Creel 1 Paul Hubert 1 Fabien Labondance 1 Xavier Ragot 1, 2
1 OFCE - Observatoire français des conjonctures économiques (Sciences Po)
2 ECON - Département d'économie (Sciences Po)
Abstract : This paper contributes to the literature investigating the role of global factors in determining Euro area inflation, using a wide list of potential candidates to measure global factors. We show that roughly 50 percent of inflation is explained by global factors; and that the ECB has an impact on the domestic part of inflation. This calls for adjusting the definition of the ECB target to the domestic-driven indicator of inflation which we develop.
Keywords : Inflation Global factors Domestic inflation Principal component analysis Euro area
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Journal articles
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https://hal-sciencespo.archives-ouvertes.fr/hal-03399733
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Submitted on : Sunday, October 24, 2021 - 6:13:49 AM
Last modification on : Monday, March 7, 2022 - 11:34:04 AM

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SCIENCESPO | OFCE | ECON-SCPO | USPC | CNRS

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Christophe Blot, Jérôme Creel, Paul Hubert, Fabien Labondance, Xavier Ragot. Euro Area Inflation and ECB Policy in a Global Environment. Politica economica, Società Editrice il Mulino, 2016, pp.539 - 554. ⟨hal-03399733⟩

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