Sectoral inflation persistence, market concentration and imperfect common knowledge

Material type: 文書・図像類

Author: Kato, Ryoほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2020-03

Material Format: Paper

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Note (General)：: Previous studies have stressed that inflation dynamics exhibit a substantial dispersion across sectors. Using US producer price data, we present evide...

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Paper

Material Type: 文書・図像類
Title: Sectoral inflation persistence, market concentration and imperfect common knowledge
Author/Editor: Kato, Ryo
Okuda, Tatsushi
Tsuruga, Takayuki
Author Heading: Kato, Ryo
Okuda, Tatsushi
Tsuruga, Takayuki
https://nrid.nii.ac.jp/nrid/1000040511720
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2020-03
Publication Date (W3CDTF): 2020-03
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1082
Volume: 1082
Pages: 1-34
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Imperfect common knowledge
Inflation persistence
Market concentration
Target Audience: 一般
Note (General): Previous studies have stressed that inflation dynamics exhibit a substantial dispersion across sectors. Using US producer price data, we present evidence that sectoral inflation persistence is negatively correlated with market concentration, which is difficult to reconcile with the prediction of the standard model of monopolistic competition. To explain the data, we incorporate imperfect common knowledge into the monopolistic competition model introduced by Melitz and Ottaviano (2008). In the model, strategic complementarity among firms increases as market concentration decreases. Because higher strategic complementarity generates greater inflation persistence, our model successfully replicates the observed negative correlation between inflation persistence and market concentration across sectors.
References (URI): http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1082.pdf
URI
http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1082.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華