The International Dimension of Inflation: Evidence from Disaggregated Consumer Price Data
利用美国、德国、法国和英国948种CPI产品的数据，发现国际共同因素解释了15%至30%的消费者价格波动，且部门通胀对国际冲击的暴露度与贸易开放度正相关。
We estimate the contribution of international common factors to the dynamics of price inflation rates of a cross‐section of 948 CPI products in four OECD countries: United States, Germany, France, and United Kingdom. We find two main results. First, on average, and at least in the sample 1991–2004, one international common factor explains between 15% and 30% of the variance of consumer prices (depending on the transformation applied to the data). Given the high level of disaggregation of our panel, this estimate is best viewed as a lower bound for the contribution of international factors to inflation dynamics. Second, we find a strongly positive and statistically significant relationship between exposure of consumer inflation to international shocks and trade openness at the sectoral level. The latter result holds regardless of whether the original data are expressed in local as opposed to common currency.