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Spatial Approach to Heterogeneity of Inflation Expectations in the Euro Area

Author

Listed:
  • Karolina Tura-Gawron

    (Gdansk University of Technology)

  • Magdalena Szyszko

    (WSB University in Poznan)

Abstract

In this article, we examine the spatial heterogeneities in inflation expectations of the euro area consumers. We expect to find them heterogeneous in our research period of 2001-2016. Contrary to standard examination of heterogeneity, a spatial correlation analysis is applied by referring to global and local correlation measures. It is performed with the economic distance-based weights (the difference in HICP rates). Application of spatial analysis is the main contribution of our examination. Standard examinations ignore spatial relations and might be misleading. Our findings suggest that expectations are heterogeneous once the differences of inflation rates represent economic distance between the countries that we cover by our examination.

Suggested Citation

  • Karolina Tura-Gawron & Magdalena Szyszko, 2018. "Spatial Approach to Heterogeneity of Inflation Expectations in the Euro Area," Proceedings of Economics and Finance Conferences 6910174, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iefpro:6910174
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    File URL: https://iises.net/proceedings/10th-economics-finance-conference-rome/table-of-content/detail?cid=69&iid=037&rid=10174
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    More about this item

    Keywords

    inflation expectations; expectations heterogeneity; euro area; spatial analysis;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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