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Arithmetic is absolute- euro area adjustment

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  • Guntram B. Wolff

Abstract

The European Central Bank’s monetary policy targets the euro-area average inflation rate. By setting conditions for the area as a whole it should ensure symmetric price adjustment.Indeed, consumer price inflation rates provide little evidence of asymmetricadjustment during 2009-11. Only Ireland, which is too small to trigger a symmetric reaction, had significantly lower inflation rates than the average.Some asymmetry is visible in total economy unit labour costs (ULC) during 2009- 11,...

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  • Guntram B. Wolff, 2012. "Arithmetic is absolute- euro area adjustment," Policy Contributions 724, Bruegel.
    • Handle: RePEc:bre:polcon:724
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    Cited by:

    1. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries- an early assessment," Blueprints, Bruegel, number 779, December.
    2. Zsolt Darvas, 2013. "The Euro Area's Tightrope Walk: Debt and Competitiveness in Italy and Spain," Working Papers 1307, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
    3. Zsolt Darvas, 2012. "The euro crisis- ten roots, but fewer solutions," Policy Contributions 755, Bruegel.
    4. Zsolt Darvas, 2012. "Intra-euro rebalancing is inevitable but insufficient," Policy Contributions 747, Bruegel.

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