Lein, Sarah M.; León-Ledesma, Miguel A.; Nerlich, Carolin - In: Journal of International Money and Finance 27 (2008) 2, pp. 227-248
We evaluate the empirical relevance of real convergence on the process of nominal convergence for the new EU Member States. We focus our discussion on two main channels: productivity growth and increased trade openness. Productivity growth can have a positive effect on price levels via the...