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Regional inflation dynamics using space-time models

Marques, Helena and Pino, Gabriel and Tena Horrillo, Juan de Dios (2009) Regional inflation dynamics using space-time models. Cagliari, CRENoS-CUEC. p. 25 (Working Papers CRENoS, 2009, 15). ISBN 978-88-84-67-555-2. Working Paper.

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Abstract

This paper provides empirical evidence of the role of spatial factors on the determination of inflation dynamics for a representative set of tradable commodities in Chile. We present a simple model that explains inflation divergence across regions in a monetary union with similar preferences as a consequence of the geographical allocation of producers in the different regions. Our results indicate that spatial allocation together with transport costs are important determinants of regional inflation while macroeconomic common factors do not play an important role in this process. Existing literature had obtained the opposite result for Europe and the reasons for that difference warrant further investigation. Moreover, we find that geographical distance seems to be a more appropriate measure of neighbourhood than the adjacency of regions.

Item Type:Working Paper
ID Code:5685
Status:Published
Uncontrolled Keywords:Regional inflation dynamics, space-time models, Chile
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/05 Econometria
Divisions:002 Altri enti e centri di ricerca del Nord Sardegna > CRENoS-Centro Ricerche Economiche Nord Sud, Università di Cagliari e Università di Sassari
001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:CRENoS-CUEC
Copyright Holders:© CUEC 2009
ISBN:978-88-84-67-555-2
Publisher Policy:Depositato per gentile concessione del CRENoS e di CUEC
Deposited On:01 Mar 2011 10:13

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