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Inflation differentials in EMU: what can we learn from the time series evidence?

  • Thomai Filippeli

    ()

    (University of Buckingham)

This note discusses whether the inflation process in Portugal, Ireland, Greece and Spain - countries that after the launch of the euro experienced national inflation rates above the weighted average of the EMU- has different time series properties from the EMU average and explains the possible implications of inflation differentials for the union and the national governments of member-countries. We find that the inflation differentials in Greece, Portugal and Spain are a long-run phenomenon which leads to a continuous real exchange appreciation. We interpret this as evidence for the debt problems that have arisen over the last two years in euro area.

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File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I3-P228.pdf
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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 31 (2011)
Issue (Month): 3 ()
Pages: 2541-2548

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Handle: RePEc:ebl:ecbull:eb-11-00512
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  1. Christophe Schalck, 2011. "The European fiscal framework: What lessons can we learn from the crisis?," Economics Bulletin, AccessEcon, vol. 31(1), pages 358-366.
  2. Angeloni Ignazio & Ehrmann Michael, 2007. "Euro Area Inflation Differentials," The B.E. Journal of Macroeconomics, De Gruyter, vol. 7(1), pages 1-36, August.
  3. Uhlig, H.F.H.V.S., 2002. "One Money, But Many Fiscal Policies in Europe : What are the Consequences?," Discussion Paper 2002-32, Tilburg University, Center for Economic Research.
  4. repec:ebl:ecbull:v:5:y:2006:i:9:p:1-11 is not listed on IDEAS
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