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dc.contributor.authorCamatte, H.
dc.contributor.authorDaudin, Guillaume
dc.contributor.authorFaubert, V.
dc.contributor.authorLalliard, A.
dc.contributor.authorRifflart, C.
dc.date.accessioned2021-11-02T08:32:35Z
dc.date.available2021-11-02T08:32:35Z
dc.date.issued2021
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/22139
dc.language.isoenen
dc.subjectC67, E31, F42, F62
dc.subjectInput-output linkages
dc.subjectSpillovers
dc.subjectGlobal value chains
dc.subjectCost-push inflation
dc.subject.ddc337en
dc.subject.classificationjelF62en
dc.subject.classificationjelC67en
dc.subject.classificationjelE31en
dc.subject.classificationjelF42en
dc.titleEstimating the elasticity of consumer prices to the exchange rate: an accounting approach
dc.typeDocument de travail / Working paper
dc.description.abstractenWe analyse the elasticity of the household consumption expenditure (HCE) deflator to the exchange rate, using world input-output tables (WIOT) from 1995 to 2019. In line with the existing literature, we find a modest output-weighted elasticity of around 0.1. This elasticity is stable over time but heterogeneous across countries, ranging from 0.05 to 0.22. Such heterogeneity mainly reflects differences in foreign product content of consumption and intermediate products. Direct effects through imported consumption and intermediate products entering domestic production explain most of the transmission of an exchange rate appreciation to domestic prices. By contrast, indirect effects linked to participation in global value chains play a limited role. Our results are robust to using four different WIOT datasets. As WIOT are data-demanding and available with a lag of several years, we extrapolate a reliable estimate of the HCE deflator elasticity from 2015 onwards using trade data and GDP statistics.
dc.publisher.cityFrankfurt am Mainen
dc.identifier.citationpages59
dc.relation.ispartofseriestitleEuropean Central Bank Working Papers Series
dc.relation.ispartofseriesnumber2610
dc.identifier.urlsitehttps://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2610~fa5dfb2e8e.en.pdf?6385a05bec06bfb6c1f4d4825b337d5f
dc.subject.ddclabelEconomie internationaleen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.date.updated2022-01-14T08:10:48Z
hal.identifierhal-03411197
hal.version1
dc.subject.classificationjelHALF.F6.F62en
dc.subject.classificationjelHALF.F4.F42en
dc.subject.classificationjelHALE.E3.E31en
dc.subject.classificationjelHALC.C6.C67en
hal.date.transferred2021-11-02T08:32:37Z


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