72 KB924 KB27 KB2025Markovič, Luka1 spletni vir (1 datoteka PDF (15 str.))COBISSID:237246467ISBN:978-961-7230-18-5URN:URN:NBN:SI:doc-LZIXXYFDenBanka Slovenijeknjigedenarna politikaEkonomska analizaelektronske knjigeEvropska unijaInflacijaMeasures of inflation sensitivity to monetary policy|This analysis examines the sensitivity of core inflation components to monetary policy shocks in the euro area. Using a granular inflation dataset, the analysis employs a local projection model to estimate impulse response functions for individual inflation components. The results reveal significant heterogeneity in inflation sensitivity, with some components experiencing a strong negative response to monetary tightening, while others exhibit negligible responses. By classifying inflation components into most sensitive and least sensitive categories, this study constructs new inflation measures to track their respective dynamics. The findings suggest that while monetary tightening substantially reduced the most sensitive inflation after the last hiking cycle, the least sensitive inflation demonstrated greater persistence. Furthermore, the findings suggest that external shocks, such as energy price fluctuations and supply chain disruptions, have played a crucial role in driving the divergent inflationary trends observed between the new inflation measuresTEXTknjigebooksSlovenian National E-content AggregatorNational and University Library of Slovenia