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News ed inflazione: l'Italia all'avvento dell'euro

Author

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  • Salvatore Zecchini

    (Università "Tor Vergata" Roma)

  • Marco Ventura

    (ISAE, Roma)

Abstract

Can the media play a significant role in shaping pricing behaviour at retail level? What empirical evidence, particularly for inflation after the euro changeover? A model of the news impact on inflation is constructed in terms of a sticky-information Phillips curve with an epidemiology approach to information diffusion. Empirical tests are performed, referring to Italy's CPI developments since the euro's birth. The evidence confirms the news' distinctive role in influencing retail price changes. The latter seem to be im plemented slowly, as information on inflation spreads through market participants. The news impact seems to disappear when contradictory inflation data are reported.

Suggested Citation

  • Salvatore Zecchini & Marco Ventura, 2005. "News ed inflazione: l'Italia all'avvento dell'euro," Rivista di Politica Economica, SIPI Spa, vol. 95(3), pages 267-318, May-June.
    • Handle: RePEc:rpo:ripoec:v:95:y:2005:i:3:p:267-318
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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