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

= 0.5350

= 0.9461

= 0.6475

= 0.1041

(Std. Err

adjusted

Number of obs

Number of groups

Obs per group: min

=        464

=          10

=         26

=      46.4

=         66

=     82.71

=    0.0000

country_id)

F(9,9)

Prob >

for 10

avg
max

F

clusters in

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

Robust

-----------

dlcpserv |

Coef.

Std. Err.

t

P>|t|

[95% Conf

. Interval]

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

dl1lcpserv |

.1971393

.0689225

2.86

0.019

.0412258

.3530527

dl2lcpserv |

.1652625

.0554974

2.98

0.016

.0397187

.2908064

dl3lcpserv |

.1157118

.0446581

2.59

0.029

.0146881

.2167356

dl4lcpserv |

.0892001

.0427406

2.09

0.067

-.0074858

.185886

dlppcons |

.0779006

.0275272

2.83

0.020

.0156298

.1401714

dl4lppcons |

.0907917

.0350953

2.59

0.029

.0114006

.1701828

dlneer |

-.0116737

.0063548

-1.84

0.099

-.0260493

.0027018

dlulc |

.0475384

.0188764

2.52

0.033

.0048369

.0902398

dl4lulc |

.0508087

.0142826

3.56

0.006

.0184992

.0831183

dlvat |

.0458296

.0072121

6.35

0.000

.0295147

.0621444

dextra_open |

-.1544247

.0374258

-4.13

0.003

-.2390878

-.0697616

dl1extra_o~n |

-.1625198

.0539966

-3.01

0.015

-.2846686

-.0403709

_cons |

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

.0019854

.0004333

4.58

0.001

.0010051

.0029657

sigma_u |

.00052359

sigma_e |

.00248292

rho |

.04257555

(fraction

of variance due to

u_i)