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Trends in European Productivity and Real Exchange Rates

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Author Info

  • Matthew B. Canzoneri
  • Behzad Diba
  • Gwen Eudey

Abstract

Inflation has fallen dramatically in countries like Spain and Italy over the last decade, but the rate of increase in "home good" prices remains stubbornly higher than the rate of increase in "traded good" prices. The paper begins by showing that this discrepancy can be explained (at least in part) by trends in productivity; average labour productivity has grown much more slowly in the home good sector in these countries. The paper goes on to investigate the implications of productivity trends for the consistency of the Maastricht convergence criteria an for the differences in nation inflation rates after EMU.

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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9610.

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Length: 46 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:bde:wpaper:9610

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Related research

Keywords: EUROPE; PRODUCTIVITY; EXCHANGE RATE; PRICES; INFLATION;

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Cited by:
  1. Ansgar Belke & Daniel Gros, 1998. "Asymmetric shocks and EMU: Is there a need for a stability fund?," Intereconomics: Review of European Economic Policy, Springer, vol. 33(6), pages 274-288, November.
  2. Ronald MacDonald & Cezary Wójcik, 2006. "Catching-up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union: Some Implications for EMU and new EU Member States," CESifo Working Paper Series 1761, CESifo Group Munich.

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