Pass-through of external shocks along the pricing chain: A panel estimation approach for the euro area

Fixed-effects (within) regression

Number

of

obs

=

401

Group variable: country_id

Number

of

groups

=

10

R-sq: within

= 0.5598

Obs per group: min

=            6

between

= 0.8228

avg

=      40.1

overall

= 0.5611

max

=         65

F(9,9)

=    171.77

corr(u_i, Xb)

= -0.0022

Prob >

F

=    0.0000

(Std. Err

adjusted

for 10

clusters in

country_id)

-------------

^-|^-

Robust

-----------

dlppene

|

Coef.

Std. Err.

t

P>|t|

[95% Conf

. Interval]

+-

dl1lppene

|

.0958436

.082228

1.17

0.274

-.0901691

.2818564

dl2lppene

|

.0053946

.0452801

0.12

0.908

-.0970361

.1078253

dl3lppene

|

.1065751

.0183847

5.80

0.000

.064986

.1481643

dl4lppene

|

-.1154779

.0357531

-3.23

0.010

-.1963571

-.0345987

dlneer

|

-.2052156

.0563793

-3.64

0.005

-.3327544

-.0776768

dl2lneer

|

-.1993337

.0377732

-5.28

0.001

-.2847826

-.1138848

dl4lneer

|

-.0902247

.0271856

-3.32

0.009

-.1517227

-.0287267

dlcomene_usd

|

.125906

.0141915

8.87

0.000

.0938025

.1580094

dl1lcomene~d

|

.0355156

.0197834

1.80

0.106

-.0092376

.0802689

dl2lcomene~d

|

.0392264

.0070173

5.59

0.000

.0233522

.0551006

dl3lcomene~d

|

.0340661

.0074328

4.58

0.001

.0172519

.0508803

dl2lulc

|

.1652284

.0583563

2.83

0.020

.0332173

.2972394

dl1lenetax

|

-.0542611

.0145314

-3.73

0.005

-.0871335

-.0213888

dl2extra_o~n

|

.3974291

.1820416

2.18

0.057

-.0143775

.8092357

_cons

|

+ _

.0017516

.0009855

1.78

0.109

-.0004777

.0039808

sigma_u

|

.00235128

sigma_e

|

.01779186

rho

|

.01716505

(fraction

of variance due

to u_i)

Fixed-effects

Group variable

R-sq: within
between
overall

corr(u_i, Xb)

(within) regression

: country_id

= 0.5022

= 0.8515

= 0.5147

= 0.1363

(Std. Err

adjusted

Number of obs

Number of groups

Obs per group: min

=       504

=          10

=          19

=      50.4

=         99

=    447.35

=    0.0000

country_id)

F(9,9)

Prob >

for 10

avg
max

F

clusters in

--------------
|

Robust

-----------

dlppint |

Coef.

Std. Err.

t

P>|t|

[95% Conf

. Interval]

-------------+

dl1lppint |

.4786593

.0997018

4.80

0.001

.2531182

.7042003

dl2lppint |

.0574931

.0174489

3.29

0.009

.0180211

.0969652

dl3lppint |

-.1237905

.0530452

-2.33

0.044

-.2437871

-.003794

dlppene |

.0512379

.0152577

3.36

0.008

.0167225

.0857533

dl4lppene |

.0443517

.0168835

2.63

0.027

.0061584

.0825449

dlneer |

-.076546

.0210156

-3.64

0.005

-.1240866

-.0290053

dl1lneer |

-.0878317

.0198313

-4.43

0.002

-.1326931

-.0429702

dlcomirm_usd |

.025124

.00621

4.05

0.003

.0110759

.0391721

dl1lcomirm~d |

.0385389

.018898

2.04

0.072

-.0042113

.0812891

dygap |

.0008126

.0003716

2.19

0.057

-.0000281

.0016533

_cons |

-------------+

.001733

.0007214

2.40

0.040

.000101

.0033649

sigma_u |

.00184886

sigma_e |

.00850972

rho |

.04507585

(fraction

of variance due to

u_i)