Sectoral and Aggregate Inflation Dynamics in the Euro Area
综合近期统计证据，分析欧元区通胀持续性的特征：总体通胀在长期样本中高度持续，但允许均值随时间变化后持续性大幅下降，且均值断点与货币政策体制变化一致；行业通胀的持续性远低于总体通胀，主要受暂时性行业特定冲击影响。
This paper synthesises the implications of recent statistical evidence regarding inflation persistence in the euro area. For aggregate data, the degree of inflation persistence appears to be very high for sample periods spanning multiple decades but falls dramatically once we allow for time variation in the mean level of inflation; furthermore, the timing of these breaks in mean generally coincides with observed shifts in the monetary policy regime. Finally, sectoral inflation series exhibit much less persistence than aggregate inflation, mainly because of the influence of transitory sector-specific shocks.