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Displaying results 1 to 19 of 19.

  1. Inflation and the skewness of the distribution of relative price changes: empirical evidence for Germany
    Author: Döpke, Jörg; Pierdzioch, Christian
    Published: 2001
    Publisher:  Inst. of World Economics, Kiel

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  2. Global evidence on the income elasticity of willingness to pay, relative price changes and public natural capital values
    Author: Drupp, Moritz A.; Turk, Zachary; Groom, Benjamin; Heckenhahn, Jonas
    Published: November 2024
    Publisher:  CESifo, Munich, Germany

    While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown how such shifts in relative scarcities can be reflected in project appraisal and accounting, but empirical evidence has been sparse... more

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    While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown how such shifts in relative scarcities can be reflected in project appraisal and accounting, but empirical evidence has been sparse to put theory into practice. To estimate relative price changes in ecosystem services to be used for making such adjustments, we perform a global meta-analysis of contingent valuation studies to derive income elasticities of marginal willingness to pay (WTP) for ecosystem services to proxy the degree of limited substitutability. Based on 735 income-WTP pairs from 396 studies, we find an income elasticity of WTP of around 0.6. Combined with good-specific growth rates, we estimate relative price change of ecosystem services of around 1.7 percent per year. In an application to natural capital valuation of forest ecosystem services by the World Bank, we show that natural capital should be uplifted by around 40 percent. Our assessment of aggregate public natural capital yields a larger value adjustment of between 58 and 97 percent, depending on the discount rate. We discuss implications for policy appraisal and for estimates of natural capital in comprehensive wealth accounts.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CESifo working papers ; 11500 (2024)
    Subjects: willingness to pay; ecosystem services; income elasticity; limited substitutability; growth; relative prices; contingent valuation; forests; natural capital
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  3. Respuesta a precios del área sembrada de soja en la Argentina
    Author: Lanteri, Luis N.
    Published: 2009

    This paper analyzes the response of the soybean sown area of Argentina to changes in price incentives and other variables which are relevant for agricultural production. To this effect, VEC models are estimated for some of the main producing... more

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    This paper analyzes the response of the soybean sown area of Argentina to changes in price incentives and other variables which are relevant for agricultural production. To this effect, VEC models are estimated for some of the main producing provinces and for the country’s total in the period 1974 - 2006. The estimated models allow analyzing the long-term relationship among the share of soybean sown area, relative prices, the use of certain inputs, and the risks involved. For models where cointegration relations are observed, positive and significative responses are found in the soybean sown area to changes in relative prices

     
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    Source: Union catalogues
    Language: Spanish
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/86137
    Series: Working paper / Investigaciones Económicas, Banco Central de la Republica Argentina ; 2009/44
    Subjects: agricultural production; Argentina; elasticities; relative prices; risks; soybean
    Scope: Online-Ressource ([40] S.), graph. Darst.
  4. Population aging, relative prices and capital flows across the globe
    Author: Papetti, Andrea
    Published: [2021]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1333 (April 2021)
    Subjects: population aging; relative prices; capital flows; overlapping generations; tradable nontradable; secular stagnation; structural transformation; global imbalances
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  5. Inflation thresholds and relative price variability in the ECOWAS region
    Author: Egbuna, Eunice N.; John-Sowe, Maimuna; Kargbo, Santigie M.; Bawa, Sani; Diallo, Ibrahima; Mendy, Isatou
    Published: December 2020
    Publisher:  West African Monetary Institute, [Accra, Ghana]

    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this... more

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    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this linkage in most developing countries especially in the ECOWAS region. This paper examines whether RPV responds differently to different inflation regimes across the ECOWAS region, determining the inflation threshold that would minimize the distortionary impact of expected inflation on RPV in the region. Using the Panel Smooth Transition Regression (PSTR) model over the period 2008:M1 to 2019:M12, the paper finds that ECOWAS countries would achieve lower RPV in the moderate/intermediate inflation regime where the undesirable effect of expected inflation on RPV fades out. This regime ranges from an inflation rate of 7.1 percent to 8.3 percent per annum. The paper further establishes different inflation thresholds for the WAEMU and WAMZ countries, which reflects the differences in inflation tolerance levels between the Zones. It shows that inflation targets below the thresholds of 5.5 percent and 8.3 percent per annum, are desirable in the WAEMU and WAMZ, respectively. Along these lines, this paper concludes that ECOWAS countries should adopt a two-tier inflation compliance regime, until a common monetary policy framework is adopted across the region. The determination of appropriate inflation targets in line with these thresholds in both Zones would pave the way for the adoption of an inflation targeting (IT) regime to anchor inflation expectations and enhance credibility to monetary policy across the wider ECOWAS region.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264231
    Series: WAMI occasional paper series ; no. 20
    Subjects: Inflation threshold; relative prices; monetary policy; ECOWAS
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  6. Relative prices and empirical trade patterns
    Author: Durmaz, Nazif; Thompson, Henry
    Published: October 2020
    Publisher:  Auburn University, Department of Economics, [Auburn, AL]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Auburn University, Department of Economics ; AUWP 2020, 06
    Subjects: relative prices; comparative advantage; trade patterns; partial specialization
    Scope: 1 Online-Ressource (circa 30 Seiten)
  7. Price spillovers in Norway
    less prevalent after the 1980s
    Author: Matsen, Kristine Aunvåg
    Published: [2023]
    Publisher:  Norges Bank, [Oslo]

    This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely been transient over the... more

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    This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely been transient over the past two-three decades. However, this has been a period of low and stable inflation. Evidence from the 1980s suggest that relative price shocks had greater passthrough to other prices, and thus core inflation, in a high inflation regime.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788283792782
    Other identifier:
    hdl: 11250/3073129
    hdl: 10419/298510
    Series: Staff memo / Norges Bank ; no. 2023, 12
    Subjects: Inflation; relative prices
    Scope: 1 Online-Ressource (circa 13 Seiten), Illustrationen
  8. Simulating the constant cost trade model
    Author: Durmaz, Nazif; Thompson, Henry
    Published: February 2024
    Publisher:  Auburn University, Department of Economics, [Auburn, AL]

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    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Auburn University, Department of Economics ; AUWP 2024, 03
    Subjects: comparative advantage; relative prices; simulation; constant cost trade
    Scope: 1 Online-Ressource (circa 24 Seiten)
  9. Limited substitutability, relative price changes and the uplifting of public natural capital values
    Author: Drupp, Moritz A.; Turk, Zachary; Groom, Benjamin; Heckenhahn, Jonas
    Published: June 2024
    Publisher:  CESifo, Munich, Germany

    While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown how such shifts in relative scarcities can be reflected in project appraisal and environmental-economic accounting, but empirical... more

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    While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown how such shifts in relative scarcities can be reflected in project appraisal and environmental-economic accounting, but empirical evidence has been sparse to put theory into practice. To estimate the relative price change in ecosystem services that can be used for making such adjustments, we perform a global meta-analysis of contingent valuation studies to derive income elasticities of willingness to pay (WTP) for ecosystem services to proxy the degree of limited substitutability. Based on 861 income-WTP pairs from more than 400 studies, we estimate an income elasticity of WTP of around 0.8. Combined with estimates of good-specific growth rates, we estimate relative price change of ecosystem services of around 2.2 percent per year. In an application to natural capital valuation of forest ecosystem services by the World Bank, we show that public forest natural capital should be uplifted by around 60 percent. Our assessment of aggregate public natural capital yields a larger value adjustment of between 100 and 170 percent, depending on the discount rate. We discuss implications for policy appraisal and for improving estimates of natural capital in comprehensive wealth accounts.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/301282
    Series: CESifo working papers ; 11156 (2024)
    Subjects: willingness to pay; ecosystem services; income elasticity; limited substitutability; growth; relative prices; contingent valuation; forests; natural capital
    Scope: 1 Online-Ressource (circa 80 Seiten), Illustrationen
  10. Relative price changes of ecosystem services
    evidence from Germany
    Author: Heckenhahn, Jonas; Drupp, Moritz A.
    Published: March 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Discounting future costs and benefits is a crucial yet contentious practice in the appraisal of long-term public projects with environmental consequences. The standard approach typically neglects that ecosystem services are not easily substitutable... more

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    Discounting future costs and benefits is a crucial yet contentious practice in the appraisal of long-term public projects with environmental consequences. The standard approach typically neglects that ecosystem services are not easily substitutable with manufactured goods and often exhibit considerably lower growth rates. Theory has shown that we should either apply differentiated discount rates, such as a lower environmental discount rate, or account for increases in relative scarcity by uplifting environmental values. Some governments already integrate this into their guidance, but empirical evidence is scarce. We provide first comprehensive country-specific evidence, taking Germany as a case study. We estimate growth rates of 15 ecosystem services and the degree of limited substitutability based on a meta-analysis of 36 willingness to pay studies in Germany. We find that the relative price of ecosystem services has increased by more than four percent per year in recent decades. Heterogeneity analysis suggests that relative price changes are most substantial for regulating ecosystem services. Our findings underscore the importance of considering relative price adjustments in governmental project appraisal and environmental-economic accounting.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/260786
    Series: CESifo working paper ; no. 9656 (2022)
    Subjects: willingness to pay; discounting; relative prices; ecosystem services; substitutability; growth; cost-benefit analysis
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  11. Seuils d'inflation et variabilité des prix relatifs dans l'espace cedeao
    Author: Egbuna, Eunice N.; John-Sowe, Maimuna; Kargbo, Santigie M.; Bawa, Sani; Diallo, Ibrahima; Mendy, Isatou
    Published: Decembre 2020
    Publisher:  Institut monetaire de l'Afrique de l'Ouest, [Accra, Ghana]

    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this... more

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    While the relationship between inflation and relative price variability (RPV) has been widely investigated in developed and emerging market economies because of its direct relevance to monetary policy implementation, research has neglected this linkage in most developing countries especially in the ECOWAS region. This paper examines whether RPV responds differently to different inflation regimes across the ECOWAS region, determining the inflation threshold that would minimize the distortionary impact of expected inflation on RPV in the region. Using the Panel Smooth Transition Regression (PSTR) model over the period 2008:M1 to 2019:M12, the paper finds that ECOWAS countries would achieve lower RPV in the moderate/intermediate inflation regime where the undesirable effect of expected inflation on RPV fades out. This regime ranges from an inflation rate of 7.1 percent to 8.3 percent per annum. The paper further establishes different inflation thresholds for the WAEMU and WAMZ countries, which reflects the differences in inflation tolerance levels between the Zones. It shows that inflation targets below the thresholds of 5.5 percent and 8.3 percent per annum, are desirable in the WAEMU and WAMZ, respectively. Along these lines, this paper concludes that ECOWAS countries should adopt a two-tier inflation compliance regime, until a common monetary policy framework is adopted across the region. The determination of appropriate inflation targets in line with these thresholds in both Zones would pave the way for the adoption of an inflation targeting (IT) regime to anchor inflation expectations and enhance credibility to monetary policy across the wider ECOWAS region.

     
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    Source: Union catalogues
    Language: French
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/270753
    Series: Series de publications occasionnelles de l’IMAO ; no 20
    Subjects: Inflation threshold; relative prices; monetary policy; ECOWAS
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  12. Environmental policy in general equilibrium
    when the choice of numeraire matters
    Author: Garnache, Cloé; Mérel, Pierre
    Published: June 2020
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper derives the incidence of a pollution tax in a stylized general equilibrium framework, building on previous work by Fullerton and Heutel (2007a). Using the CPI as numeraire, we show that tax incidence is a simpler problem than previously... more

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    This paper derives the incidence of a pollution tax in a stylized general equilibrium framework, building on previous work by Fullerton and Heutel (2007a). Using the CPI as numeraire, we show that tax incidence is a simpler problem than previously thought, and that general insights can be derived without the need to restrict the parameter space. In addition, the counter-intuitive possibility that an increase in the tax could lead to worse pollution outcomes vanishes. The choice of the CPI as numeraire is further justified by the fact that environmental taxes, for instance carbon taxes, are typically indexed on inflation.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/223426
    Series: CESifo working paper ; no. 8354 (2020)
    Subjects: tax incidence; general equilibrium; relative prices; numeraire
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  13. Robustness of the Balassa-Samuelson effect
    evidence from developing and emerging economies
    Author: Morvillier, Florian
    Published: [2020]
    Publisher:  EconomiX - UMR7235, Université Paris Nanterre, Nanterre

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / EconomiX ; 2020, 18
    Subjects: Balassa-Samuelson effect; real exchange rate; relative prices
    Scope: 1 Online-Ressource (circa 59 Seiten)
  14. The impact of the pandemic and war on surplus redistribution mechanisms
    a sectoral analysis of France and Italy
    Author: Garau, Giorgio; El Meligi, Andrea Karim
    Published: agosto 2023
    Publisher:  Arkadia, Cagliari

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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788868514723
    Edition: Prima edizione
    Series: Working papers / CRENoS ; 2023, 10
    Subjects: input-output; Total Factor Productivity Surplus; relative prices
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  15. The relative price of non-traded goods under imperfect competition
    Author: Coto-Martínez, Javier; Reboredo, Juan Carlos
    Published: 2012
    Publisher:  Brunel Univ. West London, Brunel Business School, Uxbridge

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Economics and finance working paper series / Brunel University West London, Brunel Business School ; 12-23
    Subjects: Balassa-Samuelson hypothesis; real exchange rates; relative prices; imperfect competition
    Scope: Online-Ressource (PDF-Datei: 29 S.), graph. Darst.
  16. Inflation and the Skewness of the Distribution of Relative Price Changes : Empirical Evidence for Germany
    Author: Döpke, Jörg; Pierdzioch, Christian
    Published: 2001
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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  17. Labor shares in the EU
    sectoral effects and the role of relative prices = Bérhányadok az EU-ban : az iparági hatások és a relatív árak szerepe
    Author: Kónya, István; Krekó, Judit; Obláth, Gábor
    Published: January 2019
    Publisher:  Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Budapest

    The paper studies the labor share among countries of the European Union, with a particular attention to newer member states of Central and Eastern Europe (CEEU). After discussing methodological issues in the computation of the labor share, we present... more

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    The paper studies the labor share among countries of the European Union, with a particular attention to newer member states of Central and Eastern Europe (CEEU). After discussing methodological issues in the computation of the labor share, we present various stylized facts at the country level, and also for broad sectors within the aggregate economy. We find that CEEU countries typically have lower labor shares, both in the aggregate and at the sectoral level. Structural change, while quite pronounced among the CEEU economies, plays only a minor role in the evolution of the labor share. The exception is agriculture, which for some countries have a sizable impact on the level and dynamics of the labor share - partly because of important measurement problems. We also document links between productivity, the relative prices of consumption and investment, and the labor share. In particular, we find that a significant part of the difference in conventionally measured labor shares between the more developed EU countries and less developed CEEU countries can be attributed to differences in relative prices. We discuss possible explanations, and show that given reasonable assumptions, a simple two-sector model is able to account for the main findings.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/222049
    Series: Discussion papers / Centre for Economic and Regional Studies, Hungarian Academy of Sciences ; MT-DP - 2019, 2
    Subjects: labor share; development; labor productivity; relative prices; European Union
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  18. Inflation Differentials among Czech Households
    Author: Hait, Pavel; Janský, Petr
    Published: 2014
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University of Prague, Prague

    Inflation rates have traditionally been measured by the annualized percentage change in the price level of a market basket of consumer goods and services purchased by households. The market basket represents the spending patterns of average... more

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    Inflation rates have traditionally been measured by the annualized percentage change in the price level of a market basket of consumer goods and services purchased by households. The market basket represents the spending patterns of average household. However, households differ in their spending patterns and there are differences in the price changes of various goods and services. Therefore, different households experience different inflation rates. This paper finds that these differences have been significant in the Czech Republic during the period 1995-2010. Only around 60 % of households actually experienced an inflation rate that was similar to the national average. Furthermore, the higher the average inflation rate over time, the lower the percentage of households whose inflation rate was similar to that average. The main determiners of inflation were expenditures for housing and energy and, especially for low-income households and pensioners, expenditures on food and non-alcoholic drinks. In most years, pensioners and low-income households faced significantly higher inflation rates than the average rate for the whole population.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/102575
    Series: IES working paper ; 08/2014
    Subjects: households; inflation; inflation differentials; relative prices
    Scope: Online-Ressource (19 S.)
  19. Preços relativos e política monetária no Brasil
    uma discussão a partir do Índice de Contribuição para o Desvio da Meta de Inflação (ICMI) e da desagregação do IPCA por natureza dos produtos
    Author: Martinez, Thiago Sevilhano
    Published: 2015
    Publisher:  IPEA, Brasília, DF

    The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting... more

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    The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting deviation Contribution Index (ITCI), which is an enhanced version of the index presented in Martinez and Cerqueira (2013). ITCI is applied to a disaggregation by type of product of the National Consumer Price Index (IPCA), in three levels. The observed trends, particularly the recent rise in services inflation, are discussed in the light of the new-Keynesian literature on optimal monetary policy under sectorial heterogeneity in price rigidity.

     
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    Source: Union catalogues
    Language: Portuguese
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/121644
    Series: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 2055
    Subjects: relative prices; optimal monetary policy; inflation targeting; inflation decomposition; IPCA; ITCI
    Scope: Online-Ressource (60, [1] S.), graph. Darst.
    Notes:

    Zsfassung in engl. Sprache