Browsing by Author "Valerio-Berrocal, Marco"
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- Persistencia inflacionaria en Costa Rica: Precios de Servicios y ReguladosIn this document we studied the degree of inflation persistence and price stickiness across different products categories in the Costa Rican Consumer Price index (CPI), using disaggregate and aggregate data, with a particular focus in the regulated and services prices. We adopt two approaches to reach the measure of inflation persistence, a parametric and a structural approach. The parametric approach is based in an autoregressive process with constant mean, and the structural approach is based on the estimation of the New Keynesian Hybrid Phillips Curve. To estimate the measure of inflation persistence we use different econometric techniques, as univariate and multivariate time series, and panel data methods. The evidence suggests that changes in prices and services regulated items have higher degrees of persistence in addition to presenting rigidities in the adjustment pattern. We also identified that the rate of change of the price index of regulated articles is more volatile than the rate of change of the CPI, and the rate of change of the services price index is more volatile from structural break in April 2009, identified by Torres (2012). Also it was found that using disaggregate data the degree of inflation persistence is lower than the inflation persistence estimation of univariate models with aggregate data, and this tend to reduce excluding the regulated and services products prices.