Publication
Monetary policy in a low inflation regime : evidence from the Euro Area
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | pt_PT |
| dc.contributor.advisor | Silva, Joana | |
| dc.contributor.author | Piccirillo, Bianca | |
| dc.date.accessioned | 2023-07-18T09:10:22Z | |
| dc.date.available | 2023-07-18T09:10:22Z | |
| dc.date.issued | 2023-05-17 | |
| dc.date.submitted | 2023-04 | |
| dc.description.abstract | This thesis examines the transmission of monetary policy in a low inflation environment, discussing the policy implications of sluggish and persistent inflation in a European Union framework and addressing possible causes behind cross-sectional heterogeneities at the sector-specific level. Exploring a disaggregated panel dataset of monthly HICPs for Germany, this thesis shows that the principal component of sectoral prices, a proxy for “pure-inflation”, successfully tracks the transmission of macroeconomic shocks in the economy. The proportion of sectors affected though is limited as the law of motion of inflation in a low regime is denoted by a self-stabilising pattern, which limits monetary authorities’ margins of action. However, when positive and negative shocks are treated asymmetrically, the difference in impact is striking: the proportion of sectors affected by pure positive (contractionary) shocks are more than three times the proportion affected by negative (expansionary) shocks, stressing the key role of the existing inflation environment. Overall, the broad sectoral categories that respond meaningfully to monetary intervention are those endowed with cyclical properties and, by definition, more sensitive to policy-induced fluctuations of aggregate demand. | pt_PT |
| dc.description.abstract | Esta tese examina a transmissao da pol ˜ ´ıtica monetaria num ambiente de baixa inflac¸ ´ ao, dis- ˜ cutindo as implicac¸oes pol ˜ ´ıticas da inflac¸ao lenta e persistente num quadro da Uni ˜ ao Europeia ˜ e abordando poss´ıveis causas por detras de heterogenidades transversais a n ´ ´ıvel sectorial espec´ıfico. Explorando um conjunto de dados de painel desagregado de IHPC mensais para a Alemanha, esta tese mostra que a principal componente dos prec¸os sectoriais, um proxy para a ”inflac¸ao pura”, acompanha com sucesso a transmiss ˜ ao de choques macroecon ˜ omicos na econo- ´ mia. A proporc¸ao de sectores afectados, embora limitada, uma vez que a lei do movimento da ˜ inflac¸ao num regime baixo ˜ e denotada por um padr ´ ao auto-estabilizador, que limita as margens ˜ de acc¸ao das autoridades monet ˜ arias. Contudo, quando os choques positivos e negativos s ´ ao˜ tratados assimetricamente, a diferenc¸a no impacto e impressionante: a proporc¸ ´ ao de sectores ˜ afectados por choques puramente positivos (contraccionistas) e mais do triplo da proporc¸ ´ ao˜ afectada por choques negativos (expansionistas), salientando o papel fundamental do ambiente de inflac¸ao existente. Globalmente, as grandes categorias sectoriais que respondem de forma ˜ significativa a intervenc¸ ` ao monet ˜ aria s ´ ao as dotadas de propriedades c ˜ ´ıclicas e, por definic¸ao, ˜ mais sens´ıveis as flutuac¸ ` oes da procura agregada induzidas pelas pol ˜ ´ıticas. | pt_PT |
| dc.identifier.tid | 203300564 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10400.14/41742 | |
| dc.language.iso | eng | pt_PT |
| dc.subject | Monetary policy | pt_PT |
| dc.subject | Inflation persistence | pt_PT |
| dc.subject | Cyclically sensitive sectors | pt_PT |
| dc.subject | Low-inflation regime | pt_PT |
| dc.subject | High-inflation regime | pt_PT |
| dc.subject | Synchronous price movement | pt_PT |
| dc.subject | Pure inflation | pt_PT |
| dc.subject | Sectoral prices | pt_PT |
| dc.subject | Política monetaria | pt_PT |
| dc.subject | Persistência da inflação | pt_PT |
| dc.subject | Sectores ciclicamente sensíveis | pt_PT |
| dc.subject | Regime de inflação baixa | pt_PT |
| dc.subject | Regime de inflação alta | pt_PT |
| dc.subject | Movimento sincrónico dos preços | pt_PT |
| dc.subject | Inflação pura | pt_PT |
| dc.subject | Preços sectoriais | pt_PT |
| dc.title | Monetary policy in a low inflation regime : evidence from the Euro Area | pt_PT |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | masterThesis | pt_PT |
| thesis.degree.name | Mestrado em Economia | pt_PT |