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

Fixed-effects

Group variable

R-sq: within
between
overall

corr(u_i, Xb)

(within) regression

: country_id

= 0.2943

= 0.8924

= 0.3547

= 0.2786

(Std. Err

adjusted

Number of obs

Number of groups

Obs per group: min

=       474

=          10

=         23

=      47.4

=         63

=    306.88

=    0.0000

country_id)

F(9,9)

Prob >

for 10

avg
max

F

clusters in

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

Robust

-----------

dlppcons |

Coef.

Std. Err.

t

P>|t|

[95% Conf

. Interval]

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

dl1lppcons |

.3062732

.0274635

11.15

0.000

.2441464

.3684

dl2lppcons |

.0325866

.0410125

0.79

0.447

-.06019

.1253633

dl3lppcons |

-.0212221

.0636199

-0.33

0.746

-.1651402

.1226961

dl4lppcons |

-.1666132

.0871878

-1.91

0.088

-.3638458

.0306194

dlppint |

.067452

.0333476

2.02

0.074

-.0079855

.1428894

dl4lppint |

.1192051

.0228623

5.21

0.001

.0674869

.1709233

dl1lneer |

-.0625331

.0156578

-3.99

0.003

-.0979534

-.0271128

dl2lcomene~d |

.0048596

.0018817

2.58

0.030

.000603

.0091163

dlcomfd_usd |

.0102573

.003183

3.22

0.010

.0030568

.0174579

dl2lcomfd_~d |

.0066864

.0019484

3.43

0.007

.0022788

.011094

dl4ygap |

.0006276

.0001386

4.53

0.001

.000314

.0009411

dl4extra_o~n |

-.2485053

.0710945

-3.50

0.007

-.4093322

-.0876783

_cons |

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

.0028931

.0003904

7.41

0.000

.00201

.0037763

sigma_u |

.00217538

sigma_e |

.00453178

rho |

.18727353

(fraction

of variance due to

u_i)

Fixed-effects

Group variable

R-sq: within
between
overall

corr(u_i, Xb)

(within) regression

: country_id

= 0.3386

= 0.9386

= 0.4188

= 0.1702

(Std. Err

adjusted

Number of obs

Number of groups

Obs per group: min

=       464

=          10

=         25

=      46.4

=         62

=    951.56

=    0.0000

country_id)

F(9,9)

Prob >

for 10

avg
max

F

clusters in

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

Robust

-----------

dlcpfdpr |

Coef.

Std. Err.

t

P>|t|

[95% Conf

. Interval]

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

-----------

dl1lcpfdpr |

.2833939

.0560866

5.05

0.001

.1565173

.4102706

dlppint |

.0385946

.0169206

2.28

0.048

.0003176

.0768717

dl4lppint |

.0427676

.0124113

3.45

0.007

.0146912

.0708441

dlppcons |

.2224857

.0680644

3.27

0.010

.0685132

.3764581

dl3lppcons |

.1090497

.0492784

2.21

0.054

-.0024259

.2205252

dlcomfd_usd |

.0057225

.0030047

1.90

0.089

-.0010747

.0125196

dl1lcomfd_~d |

.00566

.001888

3.00

0.015

.001389

.009931

dlulc |

.0449365

.0245122

1.83

0.100

-.0105139

.1003868

dlvat |

.0665186

.0123724

5.38

0.000

.0385304

.0945069

dextra_open |

-.3755812

.0611567

-6.14

0.000

-.5139273

-.2372351

dl1extra_o~n |

-.2544587

.0354874

-7.17

0.000

-.3347367

-.1741807

dl2extra_o~n |

.1323513

.0757606

1.75

0.115

-.0390312

.3037338

_cons |

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

.0027263

.0004964

5.49

0.000

.0016033

.0038494

sigma_u |

.00063073

sigma_e |

.00440007

rho |

.0201343

(fraction

of variance due to

u_i)