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Inflation differentials in the Euro area: did the ECB care?

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  • R. Fendel
  • M. Frenkel
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    Abstract

    Compared to inflation differentials among regions in the United States, European Monetary Union (EMU) inflation differentials are larger and more persistent. Based on augmented monetary policy reactions functions, this article addresses the question whether the presence of pronounced inflation differentials in combination with low average inflation rates has influenced monetary policy decisions of the ECB. The article finds statistical evidence that the ECB took inflation differentials into account which may reflect the fear of deflation in low inflation countries like Germany.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840701522838
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 41 (2009)
    Issue (Month): 10 ()
    Pages: 1293-1302

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    Handle: RePEc:taf:applec:v:41:y:2009:i:10:p:1293-1302

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    Cited by:
    1. Brämer, Patrick & Gischer, Horst & Richter, Toni & Weiß, Mirko, 2013. "Competition in banks’ lending business and its interference with ECB monetary policy," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 25(C), pages 144-162.
    2. Festic, Mejra & Kavkler, Alenka, 2012. "The Roots of the Banking Crisis in the New EU Member States: A Panel Regression Approach," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 20-40, March.
    3. Berk, Jan Marc & Swank, Job, 2011. "Price level convergence and regional Phillips curves in the US and EMU," Journal of International Money and Finance, Elsevier, vol. 30(5), pages 749-763, September.
    4. Harashima, Taiji, 2011. "A Mechanism of Inflation Differentials and Current Account Imbalances in the Euro Area," MPRA Paper 28121, University Library of Munich, Germany.
    5. Giannellis, Nikolaos, 2013. "Asymmetric behavior of inflation differentials in the euro area: Evidence from a threshold unit root test," Research in Economics, Elsevier, vol. 67(2), pages 133-144.

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