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Regional Inflation Divergence in the Context of EMU

  • Maarten Hendrikx
  • Bryan Chapple
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    We find that regional inflation dispersion has not markedly increased since the start of EMU, although it is somewhat higher than in other monetary unions (US and Germany), and that the distribution of member states' rates of inflation around the euro area HICP inflation rate is characterised by a few outliers. In addition, an analysis based on economic weights suggests that roughly 60 percent of euro area consumer spending experiences an inflation rate that is within a range of 0.5 percentage points of the euro area HICP inflation rate. This suggests that in the first three years since the start of EMU regional inflation dispersion has not posed problems for the adoption of the single monetary policy for the majority of member states.

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    Paper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2002-19.

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    Date of creation: Nov 2002
    Date of revision:
    Handle: RePEc:dnb:mebser:2002-19
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    1. Mojon, BenoƮt & Kashyap, Anil K. & Angeloni, Ignazio & Terlizzese, Daniele, 2002. "Monetary Transmission in the Euro Area : Where Do We Stand?," Working Paper Series 0114, European Central Bank.
    2. Stephen Cecchetti & Nelson C. Mark & Robert Sonora, 1999. "Price Level Convergence Among United States Cities: Lessons for the European Central Bank," Working Papers 99-01, Ohio State University, Department of Economics.
    3. Michael Reutter & Hans-Werner Sinn, 2000. "The Minimum Inflation Rate for Euroland," CESifo Working Paper Series 377, CESifo Group Munich.
    4. Wynne, Mark A & Koo, Jahyeong, 2000. "Business Cycles under Monetary Union: A Comparison of the EU and US," Economica, London School of Economics and Political Science, vol. 67(267), pages 347-74, August.
    5. Jan Marc Berk & Job Swank, 2002. "Regional Price Adjustment in a Monetary Union the Case of EMU," MEB Series (discontinued) 2002-7, Netherlands Central Bank, Monetary and Economic Policy Department.
    6. Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall.
    7. repec:fda:fdaeee:35 is not listed on IDEAS
    8. John H. Rogers, 2001. "Price level convergence, relative prices, and inflation in Europe," International Finance Discussion Papers 699, Board of Governors of the Federal Reserve System (U.S.).
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