Advanced Search
MyIDEAS: Login to save this paper or follow this series

Inflationsdifferenzen im Euroraum: Eine Bestandsaufnahme

Contents:

Author Info

  • Michaelis, Jochen
  • Minich, Heike

Abstract

In einer Währungsunion sind Inflationsdifferenzen zwischen den Mitgliedsländern gleichbedeutend mit Veränderungen des realen Wechselkurses. Dies mag erklären, warum in jüngerer Vergangenheit die Inflationsdifferenzen innerhalb der Europäischen Währungsunion verstärkte Aufmerksamkeit in der akademischen Literatur gefunden haben. Der vorliegende Beitrag unternimmt eine Bestandsaufnahme der diesbezüglichen Diskussion. Nach einer kurzen Darstellung der Fakten wird gezeigt, dass die traditionellen Argumente "Preiskonvergenz" und "Balassa-Samuelson-Effekt" die beobachteten Inflationsunterschiede nicht hinreichend erklären können. Anhand eines neu-keynesianischen Makromodells werden strukturelle Unterschiede in den beteiligten Volkswirtschaften als Ursache für die Inflationsdifferenzen erläutert. Im Einzelnen sind dies länderspezifische Schocks in der Güternachfrage, die asymmetrische Wirkungsweise der Euro/Dollar-Entwicklung und die asymmetrische Wirkungsweise der einheitlichen Geldpolitik. --

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://econstor.eu/bitstream/10419/22162/1/Michaelis_Minich_35.pdf
Download Restriction: no

Bibliographic Info

Paper provided by University of Goettingen, Department of Economics in its series Center for European, Governance and Economic Development Research Discussion Papers with number 35.

as in new window
Length:
Date of creation: 2004
Date of revision:
Handle: RePEc:zbw:cegedp:35

Contact details of provider:
Postal: Platz der Göttinger Sieben 3, 37073 Göttingen
Web page: http://www.cege.wiso.uni-goettingen.de/
More information through EDIRC

Related research

Keywords: Europäische Währungsunion; Inflationsdifferenzen; Balassa-Samuelson-Effekt; Neu-keynesianische Makroökonomik;

Find related papers by JEL classification:

References

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.:
as in new window
  1. Enrique Alberola-Ila & Tymo Tyrväinen, 1998. "Is there Scope for Inflation Differentials in EMU? An Empirical Evaluation of the Balassa-Samuelson Model in EMU Countries," Banco de Espa�a Working Papers 9823, Banco de Espa�a.
  2. Michaelis, Jochen, 2006. "Optimal monetary policy in the presence of pricing-to-market," Journal of Macroeconomics, Elsevier, Elsevier, vol. 28(3), pages 564-584, September.
  3. Torsten Persson, 2001. "Currency unions and trade: how large is the treatment effect?," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 16(33), pages 433-462, October.
  4. Charles Engel & John H. Rogers, 2004. "European product market integration after the euro," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 19(39), pages 347-384, 07.
  5. Matthias Lutz, 2003. "Price Convergence under EMU? First Estimates," University of St. Gallen Department of Economics working paper series 2003, Department of Economics, University of St. Gallen 2003-08, Department of Economics, University of St. Gallen.
  6. Philip R. Lane, & Patrick Honohan, 2003. "Divergent Inflation Rates in EMU," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp05, IIIS.
  7. Jochen Michaelis & Michael Pflüger, 2002. "Euroland: Besser als befürchtet, aber schlechter als erhofft?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(3), pages 296-311.
  8. Ilian Mihov, 2001. "Monetary policy implementation and transmission in the European Monetary Union," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 16(33), pages 369-406, October.
  9. Patrick Honohan & Brendan Walsh, 2002. "Catching Up with the Leaders: The Irish Hare," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 1-78.
  10. Bernd Hayo & Volker Clausen, 2002. "Asymmetric Monetary Policy Effects in EMU," Macroeconomics, EconWPA 0203003, EconWPA.
  11. Alejandro Micco & Ernesto H. Stein & Guillermo Luis Ordoñez, 2003. "The Currency Union Effect on Trade: Early Evidence from EMU," IDB Publications 6511, Inter-American Development Bank.
  12. Stephen G. Cecchetti & Nelson C. Mark & Robert J. Sonora, 2002. "Price Index Convergence Among United States Cities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1081-1099, November.
  13. Peter van Els & Alberto Locarno & Beno�t Mojon & Julian Morgan, 2003. "New Macroeconomic Evidence on Monetary Policy Transmission in the Euro Area," Journal of the European Economic Association, MIT Press, MIT Press, vol. 1(2-3), pages 720-730, 04/05.
  14. Marcus Asplund & Richard Friberg, 2001. "The Law of One Price in Scandinavian Duty-Free Stores," American Economic Review, American Economic Association, American Economic Association, vol. 91(4), pages 1072-1083, September.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Sebastian Dullien & Ulrich Fritsche, 2008. "Does the dispersion of unit labor cost dynamics in the EMU imply long-run divergence?," International Economics and Economic Policy, Springer, Springer, vol. 5(3), pages 269-295, November.
  2. Brandmeier, Michael, 2006. "Reasons for real appreciation in Central Europe," Center for European, Governance and Economic Development Research Discussion Papers 55, University of Goettingen, Department of Economics.
  3. Brandmeier, Michael, 2006. "Reasons for real appreciation in Central Europe," Center for European, Governance and Economic Development Research Discussion Papers 55, University of Goettingen, Department of Economics.
  4. Alfred Schüller, 2006. "Freiheit als Prinzip der Geldwertsicherung - Ordnungsökonomische Überlegungen zum Wandel und zu den Perspektiven von Wertsicherungsklauseln in Deutschland und im Euro-Raum," Marburg Working Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) 200609, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  5. Sebastian Dullien & Ulrich Fritsche, 2007. "Does the Dispersion of Unit Labor Cost Dynamics in the EMU Imply Long-run Divergence? Results from a Comparison with the United States of America and Germany," Macroeconomics and Finance Series, Hamburg University, Department Wirtschaft und Politik 200702, Hamburg University, Department Wirtschaft und Politik.
  6. Ullrich, Katrin, 2006. "An impact of country-specific economic developments on ECB decisions," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 06-49, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:zbw:cegedp:35. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.