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Price Level Convergence Relative Prices And Inflation In Europe
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Book Synopsis Price Level Convergence, Relative Prices, and Inflation in Europe by :
Download or read book Price Level Convergence, Relative Prices, and Inflation in Europe written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Federal Reserve Board presents the full text of an article entitled "Price Level Convergence, Relative Prices, and Inflation in Europe," by John H. Rogers and published March 2001. The article discusses how price level convergence provides a potential explanation for recent cross-country differences in European inflation.
Book Synopsis Price Level Convergence, Relative Prices, and Inflation in Europe by : John H. Rogers
Download or read book Price Level Convergence, Relative Prices, and Inflation in Europe written by John H. Rogers and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "If price levels are initially different across the euro area, convergence to a common level of prices would imply that inflation will be higher in countries where prices are initially low. Price level convergence thus provides a potential explanation for recent cross-country differences in European inflation, a worrisome development under the ECBs "one-size-fits-all" monetary policy. I present direct evidence on price level convergence in Europe, using a unique data set, and then investigate how much of the recent divergence of national inflation rates can be explained by price level convergence. I show that between 1990 and 1999 prices did become less dispersed in the euro area. Convergence is especially evident for traded goods, and more in the first half of the 1990s than the second half. By some measures, traded goods price dispersion across the euro area is now close to that across U.S. cities. Despite an on-going process of convergence, deviations from the law of one price are large. Finally, I find a statistically-significant and robust negative relationship between the 1999 price level and 2000 inflation rate in Europe, and that the contribution of price level convergence to explaining inflation differentials is often quite important economically. Still, factors other than price convergence explain most of the cross-country inflation differences."
Book Synopsis Convergence of Relative Prices and Inflation in Central and Eastern Europe by : Martin Čihák
Download or read book Convergence of Relative Prices and Inflation in Central and Eastern Europe written by Martin Čihák and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Convergence of Relative Prices and Inflation in Central and Eastern Europe by : Mr.Tomás Holub
Download or read book Convergence of Relative Prices and Inflation in Central and Eastern Europe written by Mr.Tomás Holub and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-09-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper assesses inflation risks resulting from the convergence of structures of relative prices in Central and Eastern European (CEE) countries toward the European Union (EU). The basic idea of the paper is that under low downward flexibility of domestic nominal prices, the adjustment of relative price structures is likely to lead to higher inflation. The authors find that the degree of differences in the structures of relative prices in transition economies vis-à-vis EU economies has a strong negative relationship to price levels in the transition economies. Based on their calculations, the authors assess the likely future inflationary pressures that can stem from the remaining differences between the structures of relative prices in the CEE economies and the EU. The authors argue that their approach can be thought of as an extension of the standard Balassa-Samuelson explanation of international variability in price levels.
Book Synopsis Convergence of Relative Prices and Inflation in Central and Eastern Europe by : Tomas Holub
Download or read book Convergence of Relative Prices and Inflation in Central and Eastern Europe written by Tomas Holub and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper assesses inflation risks resulting from the convergence of structures of relative prices in Central and Eastern European (CEE) countries toward the European Union (EU). The basic idea of the paper is that under low downward flexibility of domestic nominal prices, the adjustment of relative price structures is likely to lead to higher inflation. The authors find that the degree of differences in the structures of relative prices in transition economies vis-a-vis EU economies has a strong negative relationship to price levels in the transition economies. Based on their calculations, the authors assess the likely future inflationary pressures that can stem from the remaining differences between the structures of relative prices in the CEE economies and the EU. The authors argue that their approach can be thought of as an extension of the standard Balassa-Samuels on explanation of international variability in price levels.
Book Synopsis Price Level Convergence and Inflation in Europe by : John H. Rogers
Download or read book Price Level Convergence and Inflation in Europe written by John H. Rogers and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Convergence, Price Level Convergence and Inflation Differentials in Europe by : Balázs Égert
Download or read book Real Convergence, Price Level Convergence and Inflation Differentials in Europe written by Balázs Égert and published by . This book was released on 2007 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Convergence of Prices and Rates of Inflation by : Fabio Busetti
Download or read book Convergence of Prices and Rates of Inflation written by Fabio Busetti and published by . This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relative Prices and Economic Adjustment in the U.S. and the EU by : Mr.Tamim Bayoumi
Download or read book Relative Prices and Economic Adjustment in the U.S. and the EU written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1994-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Structural vector autoregressions are used to analyze the relationship between real output and relative prices within the EU and the United States, Relative price variability appears to be more important for adjustment within the EU than the United States, reflecting the lower integration of goods and factor markets. In the absence of higher market integration, the lower relative price variability implied by the introduction of a single currency in the EU could well cause significant economic disruption.
Book Synopsis The Price Level, Relative Prices and Economic Stability by : David E. W. Laidler
Download or read book The Price Level, Relative Prices and Economic Stability written by David E. W. Laidler and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Eurozone Prices by : Alfredo García-Hiernaux
Download or read book Eurozone Prices written by Alfredo García-Hiernaux and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Union, Price Level Convergence, and Inflation by : John Harold Rogers
Download or read book Monetary Union, Price Level Convergence, and Inflation written by John Harold Rogers and published by . This book was released on 2002 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price-Level Convergence in the Eurozone by : Alfredo García-Hiernaux
Download or read book Price-Level Convergence in the Eurozone written by Alfredo García-Hiernaux and published by . This book was released on 2017 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 non-zero 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.
Book Synopsis Price Convergence in the Enlarged Internal Market by : Christian Dreger
Download or read book Price Convergence in the Enlarged Internal Market written by Christian Dreger and published by . This book was released on 2007 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: The studies' main aim is to investigate the effects of the EU-10 enlargement on price convergence within the Internal Market. It distinguishes between the opposite forces provided by: (1) the catching up effect of the EU-10, expected to lead to a rise in price levels; and (2) increased competitiveness pressure on prices expected to lower price levels due to lower mark ups of prices over marginal costs. The study is based on comparative price levels for the EU-25, covering the period 1999-2004. Distinct variables were identified as proxies for the catching-up and competition forces. The following analysis proceeded in two steps. First, it is examined whether price convergence has occurred and, second, what are its main drivers. The results confirm the presence of price convergence. This process is particularly visible in the case of basic headings, most likely because they are related to more homogeneous products. Moreover, both catching up and competition have been important factors for explaining price convergence. In addition, both effects seem to be more pronounced for the EU-10 than for the EU-15.
Book Synopsis Price Level Convergence Among United States Cities by : Stephen G. Cecchetti
Download or read book Price Level Convergence Among United States Cities written by Stephen G. Cecchetti and published by . This book was released on 2000 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We study the dynamics of price indices for major U.S. cities using panel econometric methods and find that relative price levels among cities mean revert at an exceptionally slow rate. In a panel of 19 cities from 1918 to 1995, we estimate the half-life of convergence to be approximately nine years. These estimates provide an upper bound on speed of convergence that participants in European Monetary Union are likely to experience. The surprisingly slow rate of convergence can be explained by a combination of the presence of transportation costs, differential speeds of adjustment to small and large shocks, and the inclusion of non-traded good prices in the overall price index.
Book Synopsis Prices in the Transition by : Paula De Masi
Download or read book Prices in the Transition written by Paula De Masi and published by International Monetary Fund. This book was released on 1997-11 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The overall price level increased sharply in transition countries once prices were freed. Disinflation has most frequently been gradual, with prices continuing to rise rapidly in subsequent years. This paper identifies the well-known and lesser-known features of inflationary processes in central and eastern Europe, the Baltics, Russia, and other countries of the former Soviet Union on the basis of a sample of 26 countries and observations spanning the first five to seven years of transition.
Book Synopsis Commodity Price Volatility, Cyclical Fluctuations, and Convergence: What is Ahead for Inflation in Emerging Europe? by : Edda Zoli
Download or read book Commodity Price Volatility, Cyclical Fluctuations, and Convergence: What is Ahead for Inflation in Emerging Europe? written by Edda Zoli and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-03-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the role of international commodity prices, cyclical fluctuations, and convergence in driving inflation in 18 European emerging economies. Country specific VARs and panel estimates indicate that international commodity price shocks have a significant impact on domestic inflation, but the inflation response is asymmetric for positive and negative shocks. Cyclical fluctuations explain a relative small share of inflation variability, and the inflation response is asymmetric during upturns and downturns. Price convergence is estimated to add nearly 3 percentage points to headline inflation, for the average country whose price level is about 50 percent relative to the EU-15 average.
