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Price-Level Convergence in the Eurozone
dc.contributor.author | García Hiernaux, Alfredo | |
dc.contributor.author | Guerrero Burbano, David Esteban | |
dc.date | 2015 | |
dc.date.accessioned | 2016-04-12T11:16:43Z | |
dc.date.available | 2016-04-12T11:16:43Z | |
dc.date.issued | 2016-04-12 | |
dc.identifier | http://eprints.sim.ucm.es/30038/ | |
dc.identifier.uri | http://hdl.handle.net/10234/158108 | |
dc.description.abstract | This paper shows that price level trends in many of the EMU countries evolve with different patterns and that these patterns will not converge in the long-run. We propose that the hypothesis of price convergence should be evaluated and tested employing the relative prices. To this aim, we: (i) define the asymptotic price level convergence in mean and variance, (ii) provide a model for relative price levels that includes a transition path, and (iii) show how to properly test the definitions stated. Our results show that only French and German price levels converge in mean to a zero gap in the EMU while some others, not many, converge to a nonzero significant gap. This should be a matter of concern for the European monetary policy makers as it implies that the monetary policy does not affect all the EMU members equally. | |
dc.format | application/pdf | |
dc.language.iso | eng | |
dc.rights | Attribution-NonCommercial-ShareAlike 4.0 Internacional | |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-sa/4.0/ | |
dc.subject | Unión económica y monetaria europea | |
dc.subject | Dinero | |
dc.subject | Geografía económica | |
dc.title | Price-Level Convergence in the Eurozone | |
dc.type | info:eu-repo/semantics/workingPaper | |
dc.rights.accessRights | info:eu-repo/semantics/openAccess |
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