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What Explains Growth and Inflation Dispersions in EMU?

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Author Info
Emil Stavrev () (International Monetary Fund)

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Abstract

This paper’s analysis of growth and inflation dispersions in the euro area reveals several findings. First, these dispersions have declined appreciably since EMU. Second, the remaining dispersions are small but persistent, relating mainly to country-specific shocks, not differences in the transmission of common shocks. Third, the role of income convergence in explaining the dispersions has increased over time, while the role of price level convergence has declined. However, the increased role of income convergence should be viewed with caution, as it may reflect temporary rather than fundamental convergence factors, which may lead to growing macroeconomic imbalances.

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Publisher Info
Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 58 (2008)
Issue (Month): 01-02 (January)
Pages: 57-67
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Handle: RePEc:fau:fauart:v:58:y:2008:i:1-2:p:57-67

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Related research
Keywords: common and country-specific shocks; output and inflation dispersions; convergence;

Find related papers by JEL classification:
C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
F15 - International Economics - - Trade - - - Economic Integration
F2 - International Economics - - International Factor Movements and International Business

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Zsolt Darvas & Andrew K. Rose & Gyorgy Szapary, 2005. "Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic," NBER Chapters, in: NBER International Seminar on Macroeconomics 2005 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  2. Domenico Giannone & Lucrezia Reichlin, 2006. "Trends and cycles in the euro area: how much heterogeneity and should we worry about it?," Working Paper Series 595, European Central Bank. [Downloadable!]
    Other versions:
  3. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR, CES, MSH, vol. 13(26), pages 65-113, 04. [Downloadable!] (restricted)
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