{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,13]],"date-time":"2026-10-13T03:20:49Z","timestamp":1791861649297,"version":"4.3.4"},"reference-count":50,"publisher":"Wiley","issue":"7","license":[{"start":{"date-parts":[[2015,11,12]],"date-time":"2015-11-12T00:00:00Z","timestamp":1447286400000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[2016,11]]},"abstract":"<jats:title>Summary<\/jats:title><jats:p>We use novel disaggregate sectoral\u2010regional euro\u2010area data to investigate the sources of price changes, introducing a new method to extract factors from overlapping data blocks that allows for estimation of aggregate, sectoral, country\u2010specific and regional components of price changes. Our sectoral component explains much less variation in disaggregate inflation rates and exhibits much less volatility and more persistence than previous findings for the US indicate. Country\u2010 and region\u2010specific factors play an important role, emphasizing heterogeneity of inflation dynamics along both sectoral and geographical dimensions. Our results are incompatible with basic sticky\u2010information or Calvo\u2010type price\u2010setting models, but require multi\u2010sector, multi\u2010country models. Copyright \u00a9 2015 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.2490","type":"journal-article","created":{"date-parts":[[2015,11,12]],"date-time":"2015-11-12T07:18:41Z","timestamp":1447312721000},"page":"1234-1253","source":"Crossref","is-referenced-by-count":35,"title":["On the Importance of Sectoral and Regional Shocks for Price\u2010Setting"],"prefix":"10.1002","volume":"31","author":[{"given":"Guenter W.","family":"Beck","sequence":"first","affiliation":[{"name":"University of Siegen and CFS  Germany"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kirstin","family":"Hubrich","sequence":"additional","affiliation":[{"name":"Research Department European Central Bank, Frankfurt am Main  Germany"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Massimiliano","family":"Marcellino","sequence":"additional","affiliation":[{"name":"Bocconi University, IGIER and CEPR  Milan Italy"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2015,11,12]]},"reference":[{"key":"e_1_2_7_2_1","doi-asserted-by":"crossref","unstructured":"AltissimoF EhrmannM SmetsFR.2006.Inflation persistence and price\u2010setting behavior in the euro area: a summary of the IPN evidence. ECB occasional paper 46.","DOI":"10.2139\/ssrn.807420"},{"key":"e_1_2_7_3_1","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10662"},{"key":"e_1_2_7_4_1","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2006.4.2-3.575"},{"key":"e_1_2_7_5_1","doi-asserted-by":"crossref","unstructured":"AndradeP ZachariadisM.2014.Global versus local shocks in micro price dynamics. University of Cyprus Working paper.","DOI":"10.2139\/ssrn.2482523"},{"key":"e_1_2_7_6_1","doi-asserted-by":"crossref","unstructured":"AngeloniI KashyapA MojonB TerlizzeseD.2003.The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and the US. ECB working paper series 268.","DOI":"10.3386\/w9985"},{"key":"e_1_2_7_7_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00273"},{"key":"e_1_2_7_8_1","first-page":"512","article-title":"Intermediate goods and business cycles: implications for productivity and welfare","volume":"85","author":"Basu S","year":"1995","journal-title":"American Economic Review"},{"key":"e_1_2_7_9_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2009.00214.x"},{"key":"e_1_2_7_10_1","unstructured":"BeineM BourgeonP BricongneJC.2013.Aggregate fluctuations and international migration. CESIFO working paper 4379."},{"key":"e_1_2_7_11_1","unstructured":"BeyerRCM SmetsFR.2014.Has mobility decreased? Reassessing regional labor market adjustments in Europe and the US. Preliminary version of a paper prepared for the 60th panel meeting of Economic Policy."},{"key":"e_1_2_7_12_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.05.002"},{"key":"e_1_2_7_13_1","doi-asserted-by":"publisher","DOI":"10.1086\/422559"},{"key":"e_1_2_7_14_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.1.350"},{"key":"e_1_2_7_15_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90060-0"},{"key":"e_1_2_7_16_1","doi-asserted-by":"crossref","unstructured":"CarvalhoC LeeJW.2011.Sectoral price facts in a sticky\u2010price model. FRB of New York staff report 495.","DOI":"10.2139\/ssrn.1851765"},{"key":"e_1_2_7_17_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00154"},{"key":"e_1_2_7_18_1","doi-asserted-by":"publisher","DOI":"10.1086\/209887"},{"key":"e_1_2_7_19_1","doi-asserted-by":"publisher","DOI":"10.1002\/jae.859"},{"key":"e_1_2_7_20_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2004.10.009"},{"key":"e_1_2_7_21_1","doi-asserted-by":"crossref","unstructured":"DaoM FurceriD LounganiP.2014.Regional labor market adjustments in the United States and Europe. IMF working paper WP\/14\/26.","DOI":"10.5089\/9781475598476.001"},{"key":"e_1_2_7_22_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2008.08.017"},{"key":"e_1_2_7_23_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2007.07.002"},{"key":"e_1_2_7_24_1","doi-asserted-by":"publisher","DOI":"10.1086\/659311"},{"key":"e_1_2_7_25_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.6.2450"},{"key":"e_1_2_7_26_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(80)90092-5"},{"key":"e_1_2_7_27_1","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00197"},{"key":"e_1_2_7_28_1","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2005.120.1.1"},{"key":"e_1_2_7_29_1","unstructured":"KaradiP ReiffA.2014.Menu costs aggregate fluctuations and large shocks. CEPR discussion paper DP10138."},{"key":"e_1_2_7_30_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.1053"},{"key":"e_1_2_7_31_1","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.3.863"},{"key":"e_1_2_7_32_1","doi-asserted-by":"publisher","DOI":"10.1016\/B978-0-444-53238-1.00006-5"},{"key":"e_1_2_7_33_1","unstructured":"KlenowPJ WillisJL.2006.Real rigidities and nominal price changes. Federal Reserve Bank of Kansas City working paper RWP06\u201003."},{"key":"e_1_2_7_34_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.003"},{"key":"e_1_2_7_35_1","unstructured":"KoopmanSJ JungbackerB.2008.Likelihood\u2010based analysis for dynamic factor models. VU University Amsterdam Working paper."},{"key":"e_1_2_7_36_1","doi-asserted-by":"publisher","DOI":"10.1257\/000282803769206278"},{"key":"e_1_2_7_37_1","doi-asserted-by":"crossref","unstructured":"LamoA MessinaJ WasmerE.2006.Are specific skills an obstacle to labor market adjustment? Theory and an application to the EU enlargement. ECB working paper series 585.","DOI":"10.2139\/ssrn.878684"},{"key":"e_1_2_7_38_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.012"},{"key":"e_1_2_7_39_1","doi-asserted-by":"crossref","unstructured":"MackowiakB SmetsF.2009.Implications of microeconomic price data for macroeconomic models. Humboldt University Berlin Working paper.","DOI":"10.7551\/mitpress\/9780262013635.003.0012"},{"key":"e_1_2_7_40_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.769"},{"key":"e_1_2_7_41_1","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935034"},{"key":"e_1_2_7_42_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(97)00059-7"},{"key":"e_1_2_7_43_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2362.2007.00205.x"},{"key":"e_1_2_7_44_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1368-423X.2010.00319.x"},{"key":"e_1_2_7_45_1","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00359"},{"key":"e_1_2_7_46_1","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.961"},{"key":"e_1_2_7_47_1","unstructured":"PastenE SchoenleR.2014.Rational inattention multi\u2010product firms and the neutrality of money. Brandeis University Working paper."},{"key":"e_1_2_7_48_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)01644-F"},{"key":"e_1_2_7_49_1","doi-asserted-by":"publisher","DOI":"10.1198\/016214502388618960"},{"key":"e_1_2_7_50_1","doi-asserted-by":"publisher","DOI":"10.1198\/073500102317351921"},{"key":"e_1_2_7_51_1","unstructured":"StockJH WatsonMW.2008.The evolution of national and regional factors in U.S.housing construction. Princeton University Working paper."}],"container-title":["Journal of Applied Econometrics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.wiley.com\/onlinelibrary\/tdm\/v1\/articles\/10.1002%2Fjae.2490","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.wiley.com\/onlinelibrary\/tdm\/v1\/articles\/10.1002%2Fjae.2490","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.2490","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,9,3]],"date-time":"2023-09-03T04:15:21Z","timestamp":1693714521000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/jae.2490"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2015,11,12]]},"references-count":50,"journal-issue":{"issue":"7","published-print":{"date-parts":[[2016,11]]}},"alternative-id":["10.1002\/jae.2490"],"URL":"https:\/\/doi.org\/10.1002\/jae.2490","archive":["Portico"],"relation":{},"ISSN":["0883-7252","1099-1255"],"issn-type":[{"value":"0883-7252","type":"print"},{"value":"1099-1255","type":"electronic"}],"subject":[],"published":{"date-parts":[[2015,11,12]]}}}