Heterogeneity of inflation in the euro area: more complicated than it seems

Christophe Blot (), Jérôme Creel (), François Geerolf () and Sandrine Levasseur ()
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Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Jérôme Creel: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
François Geerolf: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Sciences Po - Sciences Po, CEPR - Center for Economic Policy Research, UCLA - University of California [Los Angeles] - UC - University of California
Sandrine Levasseur: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: We document different measures of inflation heterogeneity in the euro area. We ask what mostly drives this heterogeneity and whether there is cause for concern. Heterogeneity in headline inflation has increased substantially, and way more than heterogeneity in core inflation. We argue that core inflation dispersion is largely driven by small countries, where inflation reversion is the most likely. We then discuss about monetary policy as a limiting or aggravating factor of inflation heterogeneity.

Date: 2022-11
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03970416v1
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Published in PE 733.999, European Parliament's Committee on Economic and Monetary Affairs (ECON). 2022, pp.1-31

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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-03970416

DOI: 10.2861/737138

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