News ed inflazione: l'Italia all'avvento dell'euro

Salvatore Zecchini () and Marco Ventura
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Salvatore Zecchini: Università "Tor Vergata" Roma

Rivista di Politica Economica, 2005, vol. 95, issue 3, 267-318

Abstract: Can the media play a significant role in shaping pricing behaviour at retail level? What empirical evidence, particularly for inflation after the euro changeover? A model of the news impact on inflation is constructed in terms of a sticky-information Phillips curve with an epidemiology approach to information diffusion. Empirical tests are performed, referring to Italy's CPI developments since the euro's birth. The evidence confirms the news' distinctive role in influencing retail price changes. The latter seem to be im plemented slowly, as information on inflation spreads through market participants. The news impact seems to disappear when contradictory inflation data are reported.

JEL-codes: E31 E65 (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:95:y:2005:i:3:p:267-318

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