IDEAS home Printed from https://ideas.repec.org/p/ehl/lserod/32597.html
   My bibliography  Save this paper

Characteristics of inflation in Greece: mean spillover effects among CPI components

Author

Listed:
  • Apergis, Nicholas

Abstract

The objective of this paper is to investigate the behaviour of various CPI components in terms of their spillover behaviour. This is the first study analyzing the causal relationship between CPI components in Greece. The empirical analysis uses data on different components of the Consumer Price Index (CPI) with 1995 as the base year (1995=100). Data covers the period 1981 to 2009. Our results indicated the primary price movements are transmitted from the energy price indices, i.e. the electricity price index, the energy price index and the fuels and gas price index, while a secondary role also comes from the food and vegetables price index along with the services price index. In terms of causality, the evidence indicates that there is a unidirectional transmission of energy prices disturbance to the remaining CPI components, while innovations (shocks) to the remaining CPI components did not have any significant effect on all indices.

Suggested Citation

  • Apergis, Nicholas, 2011. "Characteristics of inflation in Greece: mean spillover effects among CPI components," LSE Research Online Documents on Economics 32597, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:32597
    as

    Download full text from publisher

    File URL: http://eprints.lse.ac.uk/32597/
    File Function: Open access version.
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Christos Dimas, 2010. "Privatization in the Name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 41, Hellenic Observatory, LSE.
    2. Dimitris N. Chryssochoou, 2009. "Making Citizenship Education Work: European and Greek perspectives," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 27, Hellenic Observatory, LSE.
    3. Blavoukos, Spyros & Pagoulatos, George, 2008. "Fiscal adjustment in Southern Europe: the limits of EMU conditionality," LSE Research Online Documents on Economics 5607, London School of Economics and Political Science, LSE Library.
    4. Robert B. Barsky & Lutz Kilian, 2004. "Oil and the Macroeconomy Since the 1970s," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 115-134, Fall.
    5. Blavoukos, Spyros & Pagoulatos, George, 2008. "The Limits of EMU Conditionality: Fiscal Adjustment in Southern Europe," Journal of Public Policy, Cambridge University Press, vol. 28(2), pages 229-253, August.
    6. Dimas, Christos, 2010. "Privatization in the name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," LSE Research Online Documents on Economics 31089, London School of Economics and Political Science, LSE Library.
    7. Diana Bozhilova, 2010. "When Foreign Direct Investment is Good for Development: Bulgaria’s accession, industrial restructuring and regional FDI," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 33, Hellenic Observatory, LSE.
    8. Lutz Kilian, 2008. "The Economic Effects of Energy Price Shocks," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 871-909, December.
    9. Maria Karamessini, 2010. "Transition Strategies and Labour Market Integration of Greek University Graduates," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 32, Hellenic Observatory, LSE.
    10. Papaspyrou, Theodoros S., 2007. "Economic policy in EMU: community framework and national strategies - focus on Greece," LSE Research Online Documents on Economics 5631, London School of Economics and Political Science, LSE Library.
    11. Apergis, Nicholas, 2011. "Characteristics of inflation in Greece: mean spillover effects among CPI components," LSE Research Online Documents on Economics 32597, London School of Economics and Political Science, LSE Library.
    12. Bozhilova, Diana, 2009. "EU energy policy and regional co-operation in South-East Europe: managing energy security through diversification of supply?," LSE Research Online Documents on Economics 24199, London School of Economics and Political Science, LSE Library.
    13. Konstantinos Tzioumis & Leora F. Klapper, 2012. "Taxation and Capital Structure: Evidence from a Transition Economy," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(2), pages 165-190, June.
    14. Efi Vraniali, 2010. "Rethinking Public Financial Management and Budgeting in Greece: time to reboot?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 37, Hellenic Observatory, LSE.
    15. Olivier J. Blanchard & Jordi Galí, 2007. "The Macroeconomic Effects of Oil Price Shocks: Why Are the 2000s so Different from the 1970s?," NBER Chapters, in: International Dimensions of Monetary Policy, pages 373-421, National Bureau of Economic Research, Inc.
    16. Spyros Economides, 2008. "The Politics of Differentiated Integration: the case of the Balkans," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 18, Hellenic Observatory, LSE.
    17. David Hugh-Jones & Alexia Katsanidou & Gerhard Riener, 2009. "Political Discrimination in the Aftermath of Violence: the case of the Greek riots," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 30, Hellenic Observatory, LSE.
    18. Watson, Max, 2007. "Growing Together? Prospects for economic convergence and reunification in Cyprus," LSE Research Online Documents on Economics 5618, London School of Economics and Political Science, LSE Library.
    19. Elena Lazarou, 2009. "Mass Media and the Europeanization of Greek- Turkish Relations: discourse transformation in the Greek press 1997-2003," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 23, Hellenic Observatory, LSE.
    20. Stelios Stavridis, 2007. "Anti-Americanism in Greece: reactions to the 11-S, Afghanistan and Iraq," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 06, Hellenic Observatory, LSE.
    21. Chen, Shiu-Sheng, 2009. "Oil price pass-through into inflation," Energy Economics, Elsevier, vol. 31(1), pages 126-133, January.
    22. Bozhilova, Diana, 2010. "When foreign direct investment is good for development: Bulgaria’s accession, industrial restructuring and regional FDI," LSE Research Online Documents on Economics 27673, London School of Economics and Political Science, LSE Library.
    23. Lyberaki, Antigone, 2010. "The record of gender policies in Greece 1980-2010: legal form and economic substance," LSE Research Online Documents on Economics 28437, London School of Economics and Political Science, LSE Library.
    24. Yannis Psycharis, 2008. "Public Spending Patterns: the regional allocation of public investment in Greece by political period," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 14, Hellenic Observatory, LSE.
    25. Vassilis Monastiriotis, 2008. "Quo Vadis Southeast Europe? EU Accession, Regional Cooperation and the need for a Balkan Development Strategy," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 10, Hellenic Observatory, LSE.
    26. Vassilis Monastiriotis & Andreas Antoniades, 2009. "Reform that! Greece’s failing reform technology: beyond ‘vested interests’ and ‘political exchange’," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 28, Hellenic Observatory, LSE.
    27. Max Watson, 2007. "Growing Together? – Prospects for Economic Convergence and Reunification in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 07, Hellenic Observatory, LSE.
    28. Dionyssis G. Dimitrakopoulos, 2007. "Institutions and the implementation of EU public policy in Greece: the case of public procurement," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 02, Hellenic Observatory, LSE.
    29. Konstantinos Tzioumis & Leora F. Klapper, 2012. "Taxation and Capital Structure: Evidence from a Transition Economy," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(2), pages 165-190, June.
    30. Eugenia Markova, 2010. "Effects of Migration on Sending Countries: lessons from Bulgaria," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 35, Hellenic Observatory, LSE.
    31. Iris Boussiakou, 2008. "Religious Freedom and Minority Rights in Greece: the case of the Muslim minority in western Thrace," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 21, Hellenic Observatory, LSE.
    32. Rebekka Christopoulou & Theodora Kosma, 2009. "Skills and Wage Inequality in Greece: Evidence from Matched Employer-Employee Data, 1995-2002," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 26, Hellenic Observatory, LSE.
    33. James Ker-Lindsay, 2008. "The Security Dimensions of a Cyprus Solution," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 19, Hellenic Observatory, LSE.
    34. Stelios Karagiannis & Yannis Panagopoulos & Prodromos Vlamis, 2010. "Symmetric or Asymmetric Interest Rate Adjustments? Evidence from Greece, Bulgaria and Slovenia," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 39, Hellenic Observatory, LSE.
    35. Antigone Lyberaki, 2010. "The Record of Gender Policies in Greece 1980-2010: legal form and economic substance," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 36, Hellenic Observatory, LSE.
    36. Christos J. Paraskevopoulos, 2007. "Social Capital and Public Policy in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 09, Hellenic Observatory, LSE.
    37. Featherstone, Kevin, 2008. ""Varieties of capitalism" and the Greek case: explaining the constraints on domestic reform?," LSE Research Online Documents on Economics 5608, London School of Economics and Political Science, LSE Library.
    38. Nicholas Apergis, 2013. "The domestic Balassa--Samuelson effect of inflation for the Greek economy," Applied Economics, Taylor & Francis Journals, vol. 45(23), pages 3288-3294, August.
    39. Effie Fokas, 2008. "A new role for the church? Reassessing the place of religion in the Greek public sphere," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 17, Hellenic Observatory, LSE.
    40. Euclid Tsakalotos, 2008. "Modernization and Centre-Left Dilemmas in Greece: the Revenge of the Underdogs," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 13, Hellenic Observatory, LSE.
    41. Diana Bozhilova, 2009. "EU Energy Policy and Regional Co-operation in South-East Europe: managing energy security through diversification of supply?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 24, Hellenic Observatory, LSE.
    42. Spyros Blavoukos & George Pagoulatos, 2008. "Fiscal Adjustment in Southern Europe: the Limits of EMU Conditionality," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 12, Hellenic Observatory, LSE.
    43. George Kazamias, 2010. "From Pragmatism to Idealism to Failure: Britain in the Cyprus crisis of 1974," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 42, Hellenic Observatory, LSE.
    44. Vraniali, Efi, 2010. "Rethinking public financial management and budgeting in Greece: time to reboot?," LSE Research Online Documents on Economics 29097, London School of Economics and Political Science, LSE Library.
    45. Vassilis Monastiriotis & George Petrakos, 2009. "Local Sustainable Development and Spatial Cohesion in the Post-transition Balkans: in search of a developmental model," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 29, Hellenic Observatory, LSE.
    46. Matsaganis, Manos & Flevotomou, Maria, 2010. "Distributional implications of tax evasion in Greece," LSE Research Online Documents on Economics 26074, London School of Economics and Political Science, LSE Library.
    47. Tinios, Platon, 2010. "Vacillations around a pension reform trajectory: time for a change?," LSE Research Online Documents on Economics 27674, London School of Economics and Political Science, LSE Library.
    48. Vassilis Monastiriotis, 2008. "The Emergence of Regional Policy in Bulgaria: regional problems, EU influences and domestic constraints," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 15, Hellenic Observatory, LSE.
    49. Vassilis Monastiriotis, 2007. "Patterns of spatial association and their persistence across socio-economic indicators: the case of the Greek regions," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 05, Hellenic Observatory, LSE.
    50. Stelios Karagiannis & Yannis Panagopoulos & Prodromos Vlamis, 2011. "Symmetric or Asymmetric Interest Rate Adjustments? Evidence from Southeastern Europe," Review of Development Economics, Wiley Blackwell, vol. 15(2), pages 370-385, May.
    51. Elias Katsikas & Theodore Panagiotidis, 2010. "Student Status and Academic Performance: an approach of the quality determinants of university studies in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 40, Hellenic Observatory, LSE.
    52. Manos Matsaganis & Maria Flevotomou, 2010. "Distributional Implications of Tax Evasion in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 31, Hellenic Observatory, LSE.
    53. George Anastassopoulos & Fragkiskos Filippaios & Paul Phillips, 2007. "An ‘eclectic’ investigation of tourism multinationals’ activities: Evidence from the Hotels and Hospitality Sector in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 08, Hellenic Observatory, LSE.
    54. Vassilis Monastiriotis & Achilleas Tsamis, 2007. "Greece’s new Balkan Economic Relations: policy shifts but no structural change," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 01, Hellenic Observatory, LSE.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vassilis Monastiriotis & Jacob A. Jordaan, 2011. "Regional Distribution and Spatial Impact of FDI in Greece: evidence from firm-level data," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 44, Hellenic Observatory, LSE.
    2. George Kazamias, 2010. "From Pragmatism to Idealism to Failure: Britain in the Cyprus crisis of 1974," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 42, Hellenic Observatory, LSE.
    3. Christos Dimas, 2010. "Privatization in the Name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 41, Hellenic Observatory, LSE.
    4. Dimas, Christos, 2010. "Privatization in the name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," LSE Research Online Documents on Economics 31089, London School of Economics and Political Science, LSE Library.
    5. Lyrintzis, Christos, 2011. "Greek politics in the era of economic crisis: reassessing causes and effects," LSE Research Online Documents on Economics 33826, London School of Economics and Political Science, LSE Library.
    6. Pagoulatos, George & Zahariadis, Nikolaos, 2011. "Politics, labor, regulation, and performance: lessons from the privatization of OTE," LSE Research Online Documents on Economics 33827, London School of Economics and Political Science, LSE Library.
    7. Karagiannis, Stelios & Panagopoulos, Yannis & Vlamis, Prodromos, 2010. "Symmetric or asymmetric interest rate adjustments? Evidence from Greece, Bulgaria and Slovenia," LSE Research Online Documents on Economics 29168, London School of Economics and Political Science, LSE Library.
    8. George Pagoulatos & Nikolaos Zahariadis, 2011. "Politics, Labor, Regulation, and Performance: lessons from the privatization of OTE," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 46, Hellenic Observatory, LSE.
    9. Christos Lyrintzis, 2011. "Greek Politics in the Era of Economic Crisis: Reassessing Causes and Effects," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 45, Hellenic Observatory, LSE.
    10. Voskeritsian, Horen & Kornelakis, Andreas, 2011. "Institutional change in Greek industrial relations in an era of fiscal crisis," LSE Research Online Documents on Economics 41758, London School of Economics and Political Science, LSE Library.
    11. Theodore Pelagidis, 2010. "The Greek Paradox of Falling Competitiveness and Weak Institutions in a High GDP Growth Rate Context (1995-2008)," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 38, Hellenic Observatory, LSE.
    12. Eugenia Markova, 2010. "Effects of Migration on Sending Countries: lessons from Bulgaria," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 35, Hellenic Observatory, LSE.
    13. Kosmidis, Spyros, 2013. "Government constraints and economic voting in Greece," LSE Research Online Documents on Economics 50259, London School of Economics and Political Science, LSE Library.
    14. Spyros Kosmidis, 2013. "Government Constraints and Economic Voting in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 70, Hellenic Observatory, LSE.
    15. Konstantinos Kougias, 2017. "‘Real’ Flexicurity Worlds in action: Evidence from Denmark and Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 106, Hellenic Observatory, LSE.
    16. Jordaan, Jacob A. & Monastiriotis, Vassilis, 2016. "The domestic productivity effects of FDI in Greece: loca(lisa)tion matters!," LSE Research Online Documents on Economics 68816, London School of Economics and Political Science, LSE Library.
    17. Platon Monokroussos & Dimitrios Thomakos & Thomas A. Alexopoulos & Eleni Lydia Tsioli, 2017. "The Determinants of Loan Loss Provisions: An Analysis of the Greek Banking System in Light of the Sovereign Debt Crisis," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Platon Monokroussos & Christos Gortsos (ed.), Non-Performing Loans and Resolving Private Sector Insolvency, chapter 9, pages 181-225, Palgrave Macmillan.
    18. Kougias, Konstantinos, 2017. "‘Real’ flexicurity worlds in action: evidence from Denmark and Greece," LSE Research Online Documents on Economics 69576, London School of Economics and Political Science, LSE Library.
    19. Rosa VAsilaki, 2016. "Policing the crisis in Greece: The others' side of the story," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 98, Hellenic Observatory, LSE.
    20. Athanasia Chalari & Clive Sealey & Mike Webb, 2016. "A Comparison of Subjective Experiences and Responses to Austerity of UK and Greek Youth," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 102, Hellenic Observatory, LSE.

    More about this item

    JEL classification:

    • N0 - Economic History - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ehl:lserod:32597. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: LSERO Manager (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.