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Título:
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Price-Level Convergence in the Eurozone
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Autores:
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García Hiernaux, Alfredo ;
Guerrero Burbano, David Esteban
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Tipo de documento:
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texto impreso
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Fecha de publicación:
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2015
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Dimensiones:
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application/pdf
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Nota general:
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cc_by_nc_sa
info:eu-repo/semantics/openAccess
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Idiomas:
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Palabras clave:
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Estado = No publicado
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Materia = Ciencias Sociales: Unión Europea: Unión económica y monetaria europea
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Materia = Ciencias Sociales: Economía: Dinero
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Materia = Ciencias Sociales: Economía: Geografía económica
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Tipo = Documento de trabajo o Informe técnico
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Resumen:
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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.
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En línea:
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https://eprints.ucm.es/id/eprint/30038/1/Doc.%201505.pdf
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