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Positive long-run inflation non-super-neutrality in the Euro area

Author

Listed:
  • Andrea Vaona

    (Department of Economics (University of Verona))

Abstract

By means of structural VARs we investigate the long-run nexus between inflation and output in the Eurozone under different identification schemes and model specifications. The Eurozone is an interesting case study due to its very low inflation rate and to the official adherence of its monetary authority to the classical dichotomy. We find a strong positive long-run connection between inflation and output, supporting recent theoretical models arguing that this might exist at low long-run inflation rates.

Suggested Citation

  • Andrea Vaona, 2015. "Positive long-run inflation non-super-neutrality in the Euro area," Working Papers 20/2015, University of Verona, Department of Economics.
    • Handle: RePEc:ver:wpaper:20/2015
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    More about this item

    Keywords

    long-run; non-vertical Phillips curve; empirical evidence;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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