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The role of regional and sectoral factors in Russian inflation developments

Elena Deryugina, Natalia Karlova (), Alexey Ponomarenko and Anna Tsvetkova
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Natalia Karlova: Bank of Russia, Russian Federation

No wps36, Bank of Russia Working Paper Series from Bank of Russia

Abstract: This paper examines the relative roles of region-specific and commodity-specific developments in the consumer price setting in Russia. For this purpose, we estimate a dynamic hierarchical factor model using inflation rates across regions and sectors. We found little evidence of association between region-specific factors and inflation developments, although there are several regions (mostly located in the Far East and North Caucasus) where the idiosyncratic component may contribute substantially. Conversely, the role of cross-commodity relative price changes in inflation developments in Russia is substantial.

Keywords: dynamic hierarchical factor model; regional inflation; relative prices; Russia (search for similar items in EconPapers)
JEL-codes: C38 D4 E31 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2018-07
New Economics Papers: this item is included in nep-cis, nep-mac, nep-tra and nep-ure
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Journal Article: The role of regional and sectoral factors in Russian inflation developments (2019) Downloads
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