Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - European Central Bank - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries … using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …