Mind the Gap: City-Level Inflation Synchronization

Mind the Gap: City-Level Inflation Synchronization
Author :
Publisher : International Monetary Fund
Total Pages : 17
Release :
ISBN-10 : 9798400218613
ISBN-13 :
Rating : 4/5 ( Downloads)

Book Synopsis Mind the Gap: City-Level Inflation Synchronization by : Mr. Serhan Cevik

Download or read book Mind the Gap: City-Level Inflation Synchronization written by Mr. Serhan Cevik and published by International Monetary Fund. This book was released on 2022-09-02 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The post-pandemic rise in consumer prices across the world has renewed interest in inflation dynamics after decades of global disinflation. This paper provides a spatial investigation of inflation synchronicity at the city level in Lithuania using disaggregated monthly data during the period 2000–2021. The empirical analysis provides strong evidence that (i) the co-movement of city-level inflation rates—estimated using the instantaneous quasi-correlation approach—is significantly weaker than the extent of synchronization suggested by the simple correlation analysis; (ii) there is substantial heterogeneity in the instantaneous quasi-correlation of inflation subcomponents between city pairs; and (iii) there are significant changes in the degree of city-level synchronization over time, reflecting important economic developments in history such as the global financial crisis, the adoption of euro, and the COVID-19 pandemic.


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