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Year of publication
Subject
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Inflationsrate 2,866 Inflation rate 2,596 Inflation 804 Geldpolitik 801 Monetary policy 745 Theorie 540 Schätzung 534 Theory 507 Estimation 497 USA 441 United States 411 EU-Staaten 341 EU countries 306 Eurozone 272 Euro area 257 Prognoseverfahren 233 Phillips-Kurve 229 Phillips curve 226 Welt 222 Forecasting model 221 Inflationserwartung 217 World 215 Inflation expectations 204 Verbraucherpreisindex 197 Consumer price index 193 Deutschland 193 Zins 192 Zeitreihenanalyse 184 Time series analysis 177 Volatilität 175 Interest rate 174 Wirtschaftswachstum 172 Bruttoinlandsprodukt 170 Gross domestic product 170 Volatility 167 Economic growth 162 Inflationssteuerung 158 Inflation targeting 157 Germany 144 Inflationskonvergenz 140
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Online availability
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Free 1,394 Undetermined 327
Type of publication
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Book / Working Paper 1,667 Article 1,199
Type of publication (narrower categories)
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Working Paper 1,006 Article in journal 994 Aufsatz in Zeitschrift 994 Graue Literatur 923 Non-commercial literature 923 Arbeitspapier 869 Aufsatz im Buch 142 Book section 142 Article 42 Hochschulschrift 34 Thesis 28 Conference paper 20 Konferenzbeitrag 20 Konferenzschrift 17 Collection of articles of several authors 13 Sammelwerk 13 Amtsdruckschrift 11 Government document 11 Collection of articles written by one author 9 Conference proceedings 9 Sammlung 9 Research Report 8 Aufsatzsammlung 5 Case study 5 Fallstudie 5 Reprint 5 Amtliche Publikation 4 Bibliografie enthalten 4 Bibliography included 4 Country report 3 Länderbericht 3 Mehrbändiges Werk 3 Multi-volume publication 3 Advisory report 2 Festschrift 2 Forschungsbericht 2 Gutachten 2 Systematic review 2 Übersichtsarbeit 2 Bericht 1
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Language
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English 2,574 German 219 French 22 Undetermined 14 Spanish 13 Polish 7 Portuguese 5 Russian 5 Hungarian 3 Italian 3 Dutch 2 Czech 1 Croatian 1 Norwegian 1 Serbian 1 Turkish 1 Ukrainian 1 Chinese 1
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Author
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Gorodnichenko, Yuriy 28 Gil-Alaña, Luis A. 24 Coibion, Olivier 19 Minford, Patrick 19 Caporale, Guglielmo Maria 18 Stock, James H. 18 Watson, Mark W. 18 Sargent, Thomas J. 17 Boivin, Jean 16 Mishkin, Frederic S. 16 Scharler, Johann 16 Schmitt-Grohé, Stephanie 16 Uribe, Martín 16 West, Kenneth D. 16 Benigno, Pierpaolo 15 Dullien, Sebastian 14 Vahey, Shaun P. 14 Gupta, Rangan 13 MacCulloch, Robert 13 Reinhart, Carmen M. 13 Woodford, Michael 13 D'Agostino, Antonello 12 Gillman, Max 12 Nautz, Dieter 12 Rumler, Fabio 12 Svensson, Lars E. O. 12 Bordo, Michael D. 11 Campbell, John Y. 11 Di Tella, Rafael 11 Garratt, Anthony 11 Mitchell, James 11 Smets, Frank 11 Viceira, Luis M. 11 Wheelock, David C. 11 Égert, Balázs 11 Ang, Andrew 10 Ascari, Guido 10 Cavallo, Alberto 10 Fritsche, Ulrich 10 Gambetti, Luca 10
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Institution
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National Bureau of Economic Research 83 Institut für Weltwirtschaft 3 Rheinisch-Westfälisches Institut für Wirtschaftsforschung 3 University of Strathclyde / Department of Economics 3 Bank für Internationalen Zahlungsausgleich / Währungs- und Wirtschaftsabteilung 2 Centre for Economic Policy Research 2 Edward Elgar Publishing 2 Europäische Zentralbank 2 Institute for International Economics <Washington, DC> 2 African Economic Research Consortium 1 Bank für Internationalen Zahlungsausgleich 1 Bank of Canada 1 Bank of England / Monetary Analysis Division 1 Berlin / Statistisches Landesamt 1 Centralʹnyj bank Rossijskoj Federacii 1 Centre for Economic Performance 1 Conference on Inflation Targeting <2003, Bal Harbour, Fla.> 1 Deutsche Bank <Frankfurt am Main> / Research 1 Deutschland / Statistisches Bundesamt 1 Econometrisch Instituut <Rotterdam> 1 Europäische Kommission / Generaldirektion Wirtschaft und Finanzen 1 Europäisches Parlament / Policy Department for Economic, Scientific and Quality of Life Policies 1 Europäisches Parlament / Referat Kontrolle der Wirtschaftspolitischen Steuerung und der WWU 1 Federal Reserve Bank of Cleveland 1 Federal Reserve Bank of Kansas City / Research Division 1 Federal Reserve Bank of St. Louis 1 Federal Reserve System / Board of Governors 1 Forschungsinstitut zur Zukunft der Arbeit 1 Frankreich / Conseil économique, social et environnemental 1 Great Inflation Conference <2008, Woodstock, Vt.> 1 Großbritannien / Treasury 1 Innocenzo Gasparini Institute for Economic Research <Mailand> 1 Institut de recherches économiques et sociales <Kinshasa> 1 Institut für Theoretische Volkswirtschaftslehre <Hamburg> 1 Institute for Fiscal Studies 1 Internationale Fachtagung Messen der Teuerung <6, 2001, Erfurt> 1 Internationaler Währungsfonds / European Department <1> 1 Iowa State University of Science and Technology <Ames, Iowa> / Department of Economics 1 Kieler Konjunkturgespräch <60, 1999, Kiel> 1 Konferenz Messen der Teuerung <8, 2003, Berlin> 1
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Published in...
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Working paper / National Bureau of Economic Research, Inc. 103 NBER working paper series 81 NBER Working Paper 70 Discussion paper / Centre for Economic Policy Research 67 Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 39 CAMA working paper series 26 Wirtschaftsdienst 24 ECB Working Paper 23 Empirical economics : a journal of the Institute for Advanced Studies, Vienna, Austria 23 Applied economics 21 Working paper series / European Central Bank 21 Journal of monetary economics 20 Working paper 19 Economic modelling 18 Journal of money, credit and banking : JMCB 18 Staff working paper / Bank of Canada 16 Economics letters 14 Inflation mechanisms, expectations and monetary policy 14 Bank of Canada Working Paper 13 Cardiff economics working papers 13 The American economic review 13 Working papers / Bank of England 13 Journal of economic dynamics & control 12 Journal of macroeconomics 12 BIS Paper 11 Cardiff Economics Working Papers 11 CESifo working papers 10 Discussion paper / 1 / Deutsche Bundesbank 10 Ifo Schnelldienst 10 International journal of economics and financial issues : IJEFI 10 Journal of applied econometrics 10 BIS working papers 9 CAMA Working Paper 9 International finance discussion papers 9 International journal of forecasting 9 Working Paper 9 Applied economics letters 8 BIS Working Paper 8 Bank of Canada Discussion Paper 8 CFS working paper series 8
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Source
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ECONIS (ZBW) 2,645 EconStor 187 RePEc 18 USB Cologne (EcoSocSci) 10 USB Cologne (business full texts) 3 ArchiDok 2 OLC EcoSci 1
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Showing 1 - 50 of 2,866
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High inflation : low default risk and low equity valuations
Bhamra, Harjoat Singh; Dorion, Christian; Jeanneret, … - In: The review of financial studies 36 (2023) 3, pp. 1192-1252
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Do consumers actually monitor the inflation rate? : evidence from New Zealand
Hayo, Bernd; Neumeier, Florian - In: New Zealand economic papers 57 (2023) 1, pp. 1-8
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Did the Classical Gold Standard Promote Inflation Convergence?
Miles, William - 2023
Adherence to the classical gold standard entailed nominal exchange rate rigidity between member countries. A failure of price levels to co-move between members would thus lead to real exchange rate misalignment, with potential trade imbalances and financial crises following. We examine inflation...
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Konjunkturschlaglicht. Inflation: neues Basisjahr und Preisbremsen
Jannsen, Nils; Sonnenberg, Nils - In: Wirtschaftsdienst 103 (2023) 3, pp. 223-224
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Canada's fiscal policy has undermined efforts to tackle inflation
Cross, Philip - 2023
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Euro Area Inflation Differentials : The Role of Fiscal Policies Revisited
Checherita-Westphal, Cristina D.; Leiner-Killinger, Nadine - 2023
This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is difficult to find robust evidence of the fiscal...
Persistent link: https://ebtypo.dmz1.zbw/10014257756
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Konjunkturschlaglicht : Inflation : neues Basisjahr und Preisbremsen
Jannsen, Nils; Sonnenberg, Nils - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 103 (2023) 3, pp. 223-224
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Oil Prices, Monetary Policy and Inflation Surges
Gagliardone, Luca; Gertler, Mark - 2023
We develop a simple quantitative New Keynesian model aimed at accounting for the recent sudden and persistent rise in inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary good for households and as a complementary input...
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The effect of inflation rates on long-run economic growth in Arab countries
Sirag, Abdalla; Khalil, Saed; Guendouz, Abdelkrim; … - 2023
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Inflation dynamics and monetary policy in the euro area
Benigno, Pierpaolo; Canofari, Paolo; Di Bartolomeo, Giovanni - 2023
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Inflation heterogeneity at the household level
Strasser, Georg; Messner, Teresa; Rumler, Fabio; … - 2023
Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but the difference for richer households has been...
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Modeling which factors impact interest rates
Wang, Guizhou; Hausken, Kjell - In: Journal of central banking theory and practice 12 (2023) 2, pp. 211-237
The Taylor (1993) rule for determining interest rates is generalized to account for three additional variables: The money supply, money velocity, and the unemployment rate. Thus, five parameters, i.e. weights assigned to the deviation in the inflation rate, the deviation in real GDP (Gross...
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Colombian inflation forecast using long short-term memory approach
Cárdenas-Cárdenas, Julián Alonso; Cristiano-Botia, … - 2023
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Quantifying macroeconomic uncertainty in Norway
Bowe, Frida; Meyer, Sara Skjeggestad; Robstad, Ørjan - 2023
This paper presents a framework for quantifying uncertainty around point forecasts for GDP, inflation and house prices in Norway. The framework combines quantile regressions using a broad set of uncertainty indicators with a skewed t-distribution, allowing for time-variation and asymmetry in the...
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Estimating the impact of quality adjustment on consumer price inflation
Menz, Jan-Oliver; Wieland, Elisabeth; Mehrhoff, Jens - 2023
How much does quality adjustment matter in measuring consumer price inflation? To address this question, we use different sources of micro and macro price data for Germany and the euro area. For Germany, we find that quality adjustment applies to a large range of goods and services but, on...
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The direct and indirect impacts of the war on inflation : in-depth analysis requested by the ECON committee
Blot, Christophe; Creel, Jérôme; Geerolf, François - Europäisches Parlament / Referat Kontrolle der … - 2023
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Euro area inflation differentials : the role of fiscal policies revisited
Checherita-Westphal, Cristina; Leiner-Killinger, Nadine; … - 2023
This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is difficult to find robust evidence of the fiscal...
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Inflation inequality in Denmark
Kuchler, Andreas; Renkin, Tobias; Weissert, Christoffer … - 2023
We analyse differences in inflation rates between poor and rich households that arise from heterogeneity in household consumption baskets. Over the 1996 – 2020 period, inflation differences by income are small. From 2020 on, inflation has been about 3pp higher at the bottom of the income...
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Effect of exchange rate on inflation in the inflation targeting framework : is the threshold level relevant?
Duodu, Emmanuel; Yusif, Hadrat; Baidoo, Samuel Tawiah - In: Research in globalization 6 (2023), pp. 1-10
The continuous depreciation of the exchange rate in Ghana has raised concern about its effect on inflation and the economy at large. This paper examines the threshold effect of exchange rate pass-through (ERPT) on inflation using a monthly data from January 2002 to December 2018. The relevance...
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The impact of oil price changes on inflation and disaggregated inflation : insights from Ghana
Adabor, Opoku - In: Research in globalization 6 (2023), pp. 1-12
Numerous studies have examined the impact of changes in oil price on economic activities in both developing and developed countries. Yet, studies on the impact of oil price on various sectors of the economy are limited, particularly in Ghana. To contribute to the literature and inform policy...
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Deutsche Wirtschaft erholt sich nur allmählich von der Winterrezession. Prognose-Update: Die konjunkturelle Lage in Deutschland zur Jahresmitte 2023
Dullien, Sebastian; Herzog-Stein, Alexander; Hohlfeld, Peter - 2023
Die Wachstumsaussichten für die Weltwirtschaft sind verhalten. Die Weltkonjunktur dürfte 2023 und 2024 nur langsam expandieren. Dabei erholt sich der Welthandel im Verlauf nur allmählich; im Jahresdurchschnitt 2024 dürfte er um 2,5 % zunehmen, nach 2,4 % in diesem Jahr. Die deutsche...
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Deutsche Wirtschaft erholt sich nur allmählich von der Winterrezession : Prognose-Update: die konjunkturelle Lage in Deutschland zur Jahresmitte 2023
Dullien, Sebastian; Herzog-Stein, Alexander; Hohlfeld, Peter - 2023 - Abgeschlossen am 14. Juni 2023
Die Wachstumsaussichten für die Weltwirtschaft sind verhalten. Die Weltkonjunktur dürfte 2023 und 2024 nur langsam expandieren. Dabei erholt sich der Welthandel im Verlauf nur allmählich; im Jahresdurchschnitt 2024 dürfte er um 2,5 % zunehmen, nach 2,4 % in diesem Jahr. Die deutsche...
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IMK Inflation Monitor : inflation differentials between households considerably lower in May 2023
Dullien, Sebastian; Tober, Silke - 2023
Germany's CPI inflation stood at 6.1% in May 2023 and was thus more than one percentage point lower than in April 2023 (7.2%). Food prices contributed slightly less to inflation, but at 2.1 percentage points still almost seven times as much as usual. The contribution of household energy was nine...
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Gemeinschaftsdiagnose Frühjahr 2023: Inflation im Kern hoch - Angebotskräfte jetzt stärken
Holtemöller, Oliver; Kooths, Stefan; Schmidt, Torsten; … - In: Wirtschaftsdienst 103 (2023) 4, pp. 259-263
Die Projektgruppe Gemeinschaftsdiagnose hat ihre Prognose für den Anstieg der Wirtschaftsleistung im laufenden Jahr auf 0,3 % angehoben. Im Herbst 2022 hatte sie noch mit einem Rückgang um 0,4 % gerechnet. Der konjunkturelle Rückschlag im Winterhalbjahr 2022/2023 ist glimpflicher ausgefallen...
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Gemeinschaftsdiagnose Frühjahr 2023 : Inflation im Kern hoch : Angebotskräfte jetzt stärken
Holtemöller, Oliver; Kooths, Stefan; Schmidt, Torsten; … - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 103 (2023) 4, pp. 259-263
Die Projektgruppe Gemeinschaftsdiagnose hat ihre Prognose für den Anstieg der Wirtschaftsleistung im laufenden Jahr auf 0,3 % angehoben. Im Herbst 2022 hatte sie noch mit einem Rückgang um 0,4 % gerechnet. Der konjunkturelle Rückschlag im Winterhalbjahr 2022/2023 ist glimpflicher ausgefallen...
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Global inflation and global monetary policy tightening : implications for the euro area
Moessner, Richhild; Xia, Fan Dora; Zampolli, Fabrizio - In: Intereconomics : review of European economic policy 58 (2023) 3, pp. 151-154
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What profit-price spirals are telling us about post-pandemic inflation
Bivens, Josh - In: Intereconomics : review of European economic policy 58 (2023) 3, pp. 167-168
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Global inflation and global monetary policy tightening: Implications for the euro area
Moessner, Richhild; Xia, Fan Dora; Zampolli, Fabrizio - In: Intereconomics 58 (2023) 3, pp. 151-154
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What profit-price spirals are telling us about post-pandemic inflation
Bivens, Josh - In: Intereconomics 58 (2023) 3, pp. 167-168
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Euro Area Inflation after the Pandemic and Energy Shock : Import Prices, Profits and Wages
Hansen, Niels-Jakob; Toscani, Frederik; Zhou, Jing - 2023
We document the importance of import prices and domestic profits as a counterpart to the recent increase in euro area inflation. Through a novel consumption deflator decomposition, we show that import prices account for 40 percent of the average change in the consumption deflator over 2022Q1 –...
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Central Bank Independence and Inflation Volatility in Developing Countries
Garriga, Ana Carolina; Rodriguez, Cesar M. - 2023
This paper analyzes the effects of legal central bank independence (CBI) on inflation volatility in developing countries. We discuss why CBI should curb inflation volatility, independently from its effect via lowering inflation levels. Empirical analyses in a sample of 96 developing countries...
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Die kalte Progression in Österreich
Kucsera, Dénes; Lorenz, Hanno; Reitschuler, Gerhard - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 103 (2023) 7, pp. 479-483
Die Inflationsraten in Europa verzeichneten in den vergangenen Monaten die höchstenZuwächse der zurückliegenden Jahrzehnte. Österreich hatte für das Gesamtjahr 2022 eineRate von 8,6 %, Deutschland 8,7 %. Ein Profiteur der steigenden Preise ist der Staat, dessenSteuereinnahmen starken...
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Ökonomenpanel: Inflationsrate von 4,4 Prozent für 2022 erwartet
Dräger, Lena; Gründler, Klaus; Potrafke, Niklas; … - In: ifo Schnelldienst 75 (2022) 03, pp. 35-37
Das 38. Ökonomenpanel von ifo und FAZ, an dem 145 Professorinnen und Professoren teilnahmen, widmet sich der Inflation. Für Deutschland erwarten die Ökonominnen und Ökonomen im Durchschnitt eine Inflationsrate von 4,4% für das Jahr 2022. Dieser Wert sinkt für das Jahr 2023 auf 3,4% und...
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IMK Inflationsmonitor: Haushaltsspezifische Teuerungsraten. Dominiert bald die Haushaltsenergie?
Dullien, Sebastian; Tober, Silke - 2022
Trotz des Wegfalls des Mehrwertsteuereffekts war die Inflationsrate in Deutschland im Januar 2022 mit 4,9 % nur etwas niedriger als im Dezember 2021 (5,3 %). Dies lag vor allem daran, dass der Preisauftrieb weiterhin durch massive Preisschocks gekennzeichnet ist, insbesondere im Bereich Energie....
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IMK Inflationsmonitor: Preisschocks bei Energie und Nahrungsmitteln dominieren auch im April 2022
Dullien, Sebastian; Tober, Silke - 2022
Die Preissprünge bei Energie und Nahrungsmitteln dominieren auch im April 2022 das Inflationsgeschehen. Üblicherweise würden diese Ausgabenkomponenten 0,4 Prozentpunkte zur Inflation beitragen - im April waren es 4,5 Prozentpunkte. Während der Preisauftrieb bei Kraftstoffen und Heizöl etwas...
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IMK Inflationsmonitor : haushaltsspezifische Teuerungsraten : dominiert bald die Haushaltsenergie?
Dullien, Sebastian; Tober, Silke - 2022
Trotz des Wegfalls des Mehrwertsteuereffekts war die Inflationsrate in Deutschland im Januar 2022 mit 4,9 % nur etwas niedriger als im Dezember 2021 (5,3 %). Dies lag vor allem daran, dass der Preisauftrieb weiterhin durch massive Preisschocks gekennzeichnet ist, insbesondere im Bereich Energie....
Persistent link: https://ebtypo.dmz1.zbw/10012818823
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The misery index returns
Clemens, Jason; Palacios, Milagros; Li, Nathaniel - 2022
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On the persistence of UK inflation : a long-range dependence approach
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Trani, … - In: International journal of finance & economics : IJFE 27 (2022) 1, pp. 439-454
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Inflation ist kein wirksames Heilmittel gegen eine hohe Staatsschuldenquote
Grömling, Michael; Matthes, Jürgen - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 102 (2022) 11, pp. 881-884
Weltweit sind die Volkswirtschaften mit hohen Preissteigerungen konfrontiert. Unter anderem beeinflusst die Inflation den Staatshaushalt sowie die Tragfähigkeit der öffentlichen Schulden. Wie und in welchem Ausmaß wird die Staatsschuldenquote durch die höhere Inflationsrate beeinflusst? Es...
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Inflation convergence over time : sector-level evidence within Europe
Yilmazkuday, Hakan - 2022
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Money supply and inflation after COVID-19
Gharehgozli, Orkideh; Lee, Sunhyung - In: Economies : open access journal 10 (2022) 5, pp. 1-14
The core personal consumption expenditure (PCE) price index, the Federal Reserve's preferred inflation gauge, rose to 5.2 percent on January 2022, which is the highest rate of increase since 40 years ago. Our estimates show that the annualized quarterly core PCE prices could reach 5.45% in the...
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Estimating the impact of quality adjustment on consumer price inflation
Menz, Jan-Oliver; Wieland, Elisabeth; Mehrhoff, Jens - 2022
How much does quality adjustment matter in measuring consumer price inflation? To address this question, we use different sources of micro and macro price data for Germany and the euro area. For Germany, we find that quality adjustment applies to a large range of goods and services but, on...
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The evolution of public debt, gross domestic product and inflation rate in Poland in 2015-2021
Nowacka, Daria; Rzeszutek, Andrzej - In: Olsztyn economic journal 17 (2022) 1, pp. 23-33
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IMK Inflationsmonitor : Preisschocks bei Energie und Nahrungsmitteln dominieren auch im April 2022
Dullien, Sebastian; Tober, Silke - 2022
Die Preissprünge bei Energie und Nahrungsmitteln dominieren auch im April 2022 das Inflationsgeschehen. Üblicherweise würden diese Ausgabenkomponenten 0,4 Prozentpunkte zur Inflation beitragen - im April waren es 4,5 Prozentpunkte. Während der Preisauftrieb bei Kraftstoffen und Heizöl etwas...
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Inflation and economic growth in Ethiopia : an estimate of the threshold level
Tadesse, Alemshet - In: Birritu : is a quarterly magazine published by: the … (2022) 134, pp. 8-24
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A generalized interest rates model with scaling
Wang, Guizhou; Hausken, Kjell - In: International journal of economics and financial issues … 12 (2022) 5, pp. 143-150
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Impact of economic sectors on inflation rate : evidence from Ethiopia
Sisay, Endashaw; Atilaw, Wondimhunegn; Adisu, Tecklebirhan - In: Cogent economics & finance 10 (2022) 1, pp. 1-24
It is unclear how sectoral growth in the agriculture, industrial, and service sectors affects inflation, and the topic is also quite rare. Accordingly, the researchers in this paper examine the long- and short-term effects of agriculture, service, and industry sectors on inflation rates. In...
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Asymmetric causality relationship between oil prices and inflation in BRIC Countries
Syzdykova, Aziza; Abubakirova, Aktolkin; Kudabayeva, Lyazzat - In: International Journal of Energy Economics and Policy : IJEEP 12 (2022) 3, pp. 184-191
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Inflationsgefahr im Euroraum : wie gelingt eine sanfte Landung?
Illing, Gerhard - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 102 (2022) 6, pp. 430-433
Whereas strong demand is a key factor driving high inflation in the US, inflation in the Euro Area is mainly due to adverse external supply shocks (in Europe, energy prices are much higher due to the war in Ukraine). Standard monetary policy response to such shocks is to accommodate first-round...
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Hausgemachte Inflationsrisiken
Kooths, Stefan - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 102 (2022) 6, pp. 434-437
The COVID-19 pandemic massively interrupted economic activity all over the world. Governments responded by running huge fiscal deficits (financed via central banks) to support firms and consumers, thereby injecting purchasing power into the private sector on a large scale. With no corresponding...
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