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Inflationsdifferenzen im Euro-Raum: 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.

Suggested Citation

  • Michaelis, Jochen & Minich, Heike, 2004. "Inflationsdifferenzen im Euro-Raum: Eine Bestandsaufnahme," Volkswirtschaftliche Diskussionsbeiträge 62, University of Kassel, Faculty of Economics and Management.
    • Handle: RePEc:zbw:kasvdb:62
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    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," Discussion Papers of DIW Berlin 674, DIW Berlin, German Institute for Economic Research.
    3. Brandmeier, Michael, 2006. "Reasons for real appreciation in Central Europe," University of Göttingen Working Papers in Economics 55, University of Goettingen, Department of Economics.
    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. Ullrich, Katrin, 2006. "An impact of country-specific economic developments on ECB decisions," ZEW Discussion Papers 06-049, ZEW - Leibniz Centre for European Economic Research.
    6. 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).
    7. Oliver Grimm & Stefan Ried, 2007. "Macroeconomic Policy in a Heterogeneous Monetary Union," CER-ETH Economics working paper series 07/67, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.

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    More about this item

    Keywords

    Europäische Währungsunion; Inflationsdifferenzen; Balassa-Samuelson-Effekt; Neu-keynesianische Makroökonomik;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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