Fast micro and slow macro
Subtitle: can aggregation explain the persistence of inflation?
By: Filippo  Altissimo, Benôt Mojon, Paolo Zaffaroni.
Contributors: Mojon, Benoît; Zaffaroni, Paolo.; Federal Reserve Bank of Chicago. Research Dept.
Series: Working paper series -- WP-2007-02; Working paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) -- WP-2007-02.
Publisher: Federal Reserve Bank of Chicago
Published: 2007
Place of publication: [Chicago, Ill.]
Language: eng
Format: Electronic resource
Description: "An aggregation exercise is proposed that aims at investigating whether the fast average adjustment of the disaggregate inflation series of the euro area CPI translates into the slow adjustment of euro area aggregate inflation.  We first estimate a dynamic factor model for 404 inflation sub-indices of the euro area CPI.  This allows to decompose the dynamics of inflation sub-indices in two parts: one due to a common"--Federal Reserve Bank of Chicago web site.
Notes: Title from PDF file as viewed on 5/24/2007.

Includes bibliographical references.

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