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dc.contributor.authorAndrade, Philippeen
dc.contributor.authorZachariadis, Mariosen
dc.creatorAndrade, Philippeen
dc.creatorZachariadis, Mariosen
dc.date.accessioned2019-05-03T05:21:44Z
dc.date.available2019-05-03T05:21:44Z
dc.date.issued2016
dc.identifier.urihttp://gnosis.library.ucy.ac.cy/handle/7/47063
dc.description.abstractA number of recent papers point to the importance of distinguishing between the price reaction to macro and micro shocks. We emphasize instead the importance of distinguishing between global and local shocks. We exploit a panel of 276 micro price levels collected on a semi-annual frequency over two decades in 59 countries around the world, that enables us to distinguish between different types (. global and local) of macro and micro shocks. We find that global macro and micro shocks are always associated with a slower response of prices than the respective local shocks. Focusing on structural monetary macro shocks, we show that prices reach their long-run value much slower in response to a global macro shock, as compared to the time it takes for prices to reach their long-run value in response to a local macro shock. © 2015 Elsevier B.V.en
dc.language.isoengen
dc.sourceJournal of International Economicsen
dc.subjectfinancial systemen
dc.subjectGlobal shocksen
dc.subjectInternational pricesen
dc.subjectLocal shocksen
dc.subjectMacro shocksen
dc.subjectmacroeconomicsen
dc.subjectMicro pricesen
dc.subjectmicroeconomicsen
dc.subjectmodelen
dc.subjectprice determinationen
dc.subjectprice dynamicsen
dc.subjectPrice-setting modelsen
dc.titleGlobal versus local shocks in micro price dynamicsen
dc.typeinfo:eu-repo/semantics/article
dc.identifier.doi10.1016/j.jinteco.2015.10.005
dc.description.volume98
dc.description.startingpage78
dc.description.endingpage92
dc.author.facultyΣχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management
dc.author.departmentΤμήμα Οικονομικών / Department of Economics
dc.type.uhtypeArticleen
dc.contributor.orcidZachariadis, Marios [0000-0002-2308-1881]
dc.description.totalnumpages78-92


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