Inflation persistence in the Euro area before and after the European Monetary Union

被引：32

作者：

Meller, Barbara ^{[2
]}

Nautz, Dieter ^{[1
]}

机构：

[1] Free Univ Berlin, Berlin, Germany

[2] Deutsch Bundesbank, Frankfurt, Germany

来源：

ECONOMIC MODELLING | 2012年 / 29卷 / 04期

关键词：

Monetary policy effectiveness and inflation persistence; Panel test for fractional integration; Change in inflation persistence; LONG-MEMORY; POLICY;

D O I：

10.1016/j.econmod.2012.03.016

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper provides new evidence on inflation persistence before and after the European Monetary Union (EMU). Taking into account fractional integration of inflation, we confirm that inflation dynamics differed considerably across Euro area countries before the start of EMU. Since 1999, however, results obtained from panel estimation indicate that the degree of long run inflation persistence has converged. In line with theoretical predictions, we find that the persistence of inflation has significantly decreased in the Euro area, probably as a result of the more effective monetary policy of the ECB. (c) 2012 Elsevier B.V. All rights reserved.

引用

页码：1170 / 1176

页数：7

共 30 条

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