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Inflationsdifferenzen im Euroraum: Eine Bestandsaufnahme

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  • 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. --

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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.

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Date of creation: 2004
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Handle: RePEc:zbw:cegedp:35

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Related research

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

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References

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  1. 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, vol. 43(4), pages 1081-1099, November.
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  7. 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, vol. 1(2-3), pages 720-730, 04/05.
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  12. Marcus Asplund & Richard Friberg, 2001. "The Law of One Price in Scandinavian Duty-Free Stores," American Economic Review, American Economic Association, vol. 91(4), pages 1072-1083, September.
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Cited by:
  1. Ullrich, Katrin, 2006. "An impact of country-specific economic developments on ECB decisions," ZEW Discussion Papers 06-49, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. 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 200702, Hamburg University, Department Wirtschaft und Politik.
  3. 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 200609, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  4. 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, vol. 5(3), pages 269-295, November.
  5. 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.

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