Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/2532 
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dc.contributor.authorScheide, Joachimen
dc.contributor.authorTrabandt, Mathiasen
dc.date.accessioned2009-01-28T14:14:10Z-
dc.date.available2009-01-28T14:14:10Z-
dc.date.issued2000-
dc.identifier.urihttp://hdl.handle.net/10419/2532-
dc.description.abstractInflation is a monetary phenomenon. While this statement is widely accepted in terms of a long-run relationship, the quantity theory has been made operational also for the short-run dynamics of inflation by so-called Pstar models. An error correction model with quarterly data for the Euro Area is estimated to test whether the price gap has an impact on consumer price inflation. The response of the HICP is strongly positive. Other factors such as raw material prices and unit labor costs also have some explanatory power. The model is used for shock analysis and out-of-sample forecasts. All in all, the Pstar model can be a useful tool for predicting inflation also in Euroland.en
dc.language.isoengen
dc.publisher|aKiel Institute of World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1019en
dc.subject.jelE31en
dc.subject.jelC53en
dc.subject.jelC22en
dc.subject.ddc330en
dc.subject.keywordforecastingen
dc.subject.keyworderror correction modelsen
dc.subject.keywordinflation processen
dc.subject.stwInflationen
dc.subject.stwPrognoseverfahrenen
dc.subject.stwQuantitätstheorieen
dc.subject.stwP-Staren
dc.subject.stwSchätzungen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwEU-Staatenen
dc.titlePredicting inflation in Euroland: the Pstar approach-
dc.typeWorking Paperen
dc.identifier.ppn859893812en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1019en
dc.identifier.printppn324653719en

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