• français
    • English
  • français 
    • français
    • English
  • Login
JavaScript is disabled for your browser. Some features of this site may not work without it.
BIRD Home

Browse

This CollectionBy Issue DateAuthorsTitlesSubjectsJournals BIRDResearch centres & CollectionsBy Issue DateAuthorsTitlesSubjectsJournals

My Account

Login

Statistics

View Usage Statistics

Chaînes de valeurs et transmission de chocs de taux de change sur les prix à la consommation

Thumbnail
View/Open
2020_12_Document_de_travail_BdF_--_wp797.pdf (5.526Mb)
Date
2020-12
Publisher city
Paris
Publisher
Banque de France
Publishing date
12-2020
Collection title
Documents de Travail de la Banque de France
Collection Id
797
Dewey
Microéconomie
Sujet
Inflation; global value chains; Phillips curve; input output tables; international trade; pass through
JEL code
F.F1.F14; E.E3.E31; D.D5.D57
URI
https://basepub.dauphine.fr/handle/123456789/21582
Collections
  • LEDa : Publications
Metadata
Show full item record
Author
Camatte, Hadrien
84179 Banque de France
Daudin, Guillaume
559342 Laboratoire d'Economie de Dauphine [LEDa]
Faubert, Violaine
84179 Banque de France
Lalliard, Antoine
84179 Banque de France
Rifflart, Christine
250936 Observatoire français des conjonctures économiques [OFCE]
Type
Document de travail / Working paper
Item number of pages
47
Abstract (EN)
Following the 2008 financial crisis, inflation rates in advanced economies have been at odds with the prediction of a standard Phillips curve. This puzzle has triggered a debate on the global determinants of domestic prices. We contribute to this debate by investigating the impact of exchange rate shocks on consumer prices from 1995 to 2018. We focus on cost-push inflation through global value chains, using three sectoral world input-output datasets. Depending on countries, the absolute value of the elasticity of the household consumption expenditure (HCE hereafter) deflator to the exchange rate ranges from 0.05 to 0.35, confirming the importance of global value chains in channelling external shocks to domestic inflation. Using data from WIOD on a sample of 43 countries, we find that the mean output-weighted elasticity of the HCE deflator to the exchange rate increased in absolute value from 0.075 in 2000 to 0.094 in 2008. After peaking in 2008, it declined to 0.088 in 2014. World Input-Output tables (WIOT hereafter) are released with a lag of several years and the latest WIOT dates back to 2015. To fill this gap, we approximate the impact of an exchange rate shock on the HCE deflator from 2016 onwards using up-to -date GDP and trade data. Our extrapolations suggest that the decline in the elasticity of the HCE deflator continued until 2016, before reversing in 2017 and 2018. Our findings are robust to using three different datasets.

  • Accueil Bibliothèque
  • Site de l'Université Paris-Dauphine
  • Contact
SCD Paris Dauphine - Place du Maréchal de Lattre de Tassigny 75775 Paris Cedex 16

 Content on this site is licensed under a Creative Commons 2.0 France (CC BY-NC-ND 2.0) license.