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Does the dispersion of unit labor cost dynamics in the EMU imply long-run divergence?

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  • Sebastian Dullien

    ()

  • Ulrich Fritsche

    ()

Abstract

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File URL: http://hdl.handle.net/10.1007/s10368-008-0114-z
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Bibliographic Info

Article provided by Springer in its journal International Economics and Economic Policy.

Volume (Year): 5 (2008)
Issue (Month): 3 (November)
Pages: 269-295

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Handle: RePEc:kap:iecepo:v:5:y:2008:i:3:p:269-295

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Web page: http://www.springerlink.com/link.asp?id=111059

Related research

Keywords: Unit labor costs; Inflation; EMU; Convergence; Panel unit root tests; E31; O47; C32;

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References

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  1. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct.
  2. Fabio Busetti & Lorenzo Forni & Andrew Harvey & Fabrizio Venditti, 2007. "Inflation Convergence and Divergence within the European Monetary Union," International Journal of Central Banking, International Journal of Central Banking, International Journal of Central Banking, vol. 3(2), pages 95-121, June.
  3. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, Elsevier, vol. 108(1), pages 1-24, May.
  4. Campolmi, Alessia & Faia, Ester, 2006. "Cyclical inflation divergence and different labor market institutions in the EMU," Working Paper Series, European Central Bank 0619, European Central Bank.
  5. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
  6. Michaelis, Jochen & Minich, Heike, 2004. "Inflationsdifferenzen im Euroraum: Eine Bestandsaufnahme," Center for European, Governance and Economic Development Research Discussion Papers 35, University of Goettingen, Department of Economics.
  7. Bernard, Andrew B. & Durlauf, Steven N., 1996. "Interpreting tests of the convergence hypothesis," Journal of Econometrics, Elsevier, Elsevier, vol. 71(1-2), pages 161-173.
  8. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 427, Massachusetts Institute of Technology (MIT), Department of Economics.
  9. Saint-Paul, Gilles, 1997. "Business Cycles and Long-run Growth," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1642, C.E.P.R. Discussion Papers.
  10. Ignazio Angelloni & Luc Aucremanne & Michael Ehrmann & Jordi Galí & Andrew Levin & Frank Smets, 2005. "New evidence on inflation persistence and price stickiness in the Euro area: Implications for macro modelling," Economics Working Papers 910, Department of Economics and Business, Universitat Pompeu Fabra.
  11. Lane, Philip R., 2006. "The Real Effects of EMU," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5536, C.E.P.R. Discussion Papers.
  12. Stephen G. Cecchetti & Guy Debelle, 2006. "Has the inflation process changed?," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 21(46), pages 311-352, 04.
  13. Pierpaolo Benigno & J. David López-Salido, 2002. "Inflation persistence and optimal monetary policy in the Euro Area," Banco de Espa�a Working Papers 0215, Banco de Espa�a.
  14. Janet L. Yellen & George A. Akerlof, 2006. "Stabilization Policy: A Reconsideration," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 44(1), pages 1-22, January.
  15. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, American Economic Association, vol. 93(1), pages 1-14, March.
  16. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 100(2), pages 223-51, April.
  17. L. J. �lvarez & E. Dhyne & M. Hoeberichts & C. Kwapil & H. Le Bihan & P. L�nnemann & F. Martins & R. Sabbatini & H. Stahl & P. Vermeulen & J. Vilmunen, 2005. "Sticky Prices in the Euro Area: a Summary of New Micro Evidence," DNB Working Papers, Netherlands Central Bank, Research Department 062, Netherlands Central Bank, Research Department.
  18. Ulrich Fritsche & Camille Logeay & Kirsten Lommatzsch & Katja Rietzler & Sabine Stephan & Rudolf Zwiener unter Mitarb. von Cansel Kiziltepe & Christian Proano-Acosta, 2005. "Auswirkungen von länderspezifischen Differenzen in der Lohn-, Preisniveau- und Produktivitätsentwicklung auf Wachstum und Beschäftigung in den Ländern des Euroraums: Endbericht ; Forschungsprojekt," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, DIW Berlin, German Institute for Economic Research, volume 8, number pbk8, July.
  19. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198774501, October.
  20. Mentz, Markus & Sebastian, Steffen P., 2003. "Inflation convergence after the introduction of the Euro," CFS Working Paper Series 2003/30, Center for Financial Studies (CFS).
  21. Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 631-52, Special I.
  22. Beck, Günter W. & Hubrich, Kirstin & Marcellino, Massimiliano, 2006. "Regional inflation dynamics within and across euro area countries and a comparison with the US," Working Paper Series, European Central Bank 0681, European Central Bank.
  23. Angeloni, Ignazio & Ehrmann, Michael, 2004. "Euro area inflation differentials," Working Paper Series, European Central Bank 0388, European Central Bank.
  24. Choi, In, 2001. "Unit root tests for panel data," Journal of International Money and Finance, Elsevier, Elsevier, vol. 20(2), pages 249-272, April.
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Citations

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Cited by:
  1. Sondermann, David, 2012. "Productivity in the euro area: any evidence of convergence?," Working Paper Series, European Central Bank 1431, European Central Bank.
  2. Hubert Gabrisch & Karsten Staehr, 2012. "The Euro Plus Pact: Competitiveness and external capital flows in the EU countries," Bank of Estonia Working Papers, Bank of Estonia wp2012-5, Bank of Estonia, revised 10 Dec 2012.
  3. Gabrisch, Hubert & Staehr, Karsten, 2014. "The euro plus pact: cost competitiveness and external capital flows in the EU countries," Working Paper Series, European Central Bank 1650, European Central Bank.
  4. Eichler, Stefan & Hielscher, Kai, 2012. "Does the ECB act as a lender of last resort during the subprime lending crisis?: Evidence from monetary policy reaction models," Journal of International Money and Finance, Elsevier, Elsevier, vol. 31(3), pages 552-568.
  5. Hubert Gabrisch & Karsten Staehr, 2014. "The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries," WWWforEurope Policy Paper series 15, WWWforEurope.
  6. Luigi Bonatti & Andrea Fracasso, 2013. "The German Model and the European Crisis," Journal of Common Market Studies, Wiley Blackwell, Wiley Blackwell, vol. 51(6), pages 1023-1039, November.
  7. repec:hal:journl:halshs-00140529 is not listed on IDEAS

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