중동부유럽
연구정보
[경제] How do supply shocks to inflation generalize? Evidence from the pandemic era in Europe
중동부유럽 일반 국외연구자료 연구보고서 CEPR 발간일 : 2023-10-17 등록일 : 2023-11-19 원문링크
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We document how the interaction of supply-chain pressures, heightened household inflation expectations, and firm pricing power contributed to the pandemic-era surge in consumer price inflation in the euro area. Initially, supply-chain pressures increased inflation through a cost-push channel and raised inflation expectations. Subsequently, the cost-push channel intensified as firms with high pricing power increased product markups in sectors witnessing high demand. Eventually, even though supply-chain pressures eased, these firms were able to further increase markups due to the stickiness of inflation expectations. The resulting persistent impact on inflation suggests supply-side impulses can generalize into broad-based inflation via an interaction of household expectations and firm pricing power.
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