Spanish paper looks at eurozone inflation expectations
Pan-eurozone factors more important than country-specific forces, paper says
Inflation expectations in the major eurozone economies are more influenced by factors common to the entire area than by country-specific ones, a working paper published by the Bank of Spain argues.
In The evolution of inflation expectations in Euro area markets, Ricardo Gimeno and Eva Ortega construct a multi-country dynamic factor model, based on a 2008 paper by Diebold, Li and Yue. They use this model to assess daily inflation swaps data from Spain, Italy, France, Germany and the eurozone as a
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