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We analyze producer price developments in the transition from a national exchange rate regime to a monetary union. The focus is on the European Economic and Monetary Union (EMU). Stylized facts witness about an exploding gaps in producer-price inflation during the years immediately following the...
Persistent link: https://www.econbiz.de/10010320173
The aim of this study is to assess empirically to what extent the degree of heterogeneity of consumers’ inflation perceptions and expectations is driven by the flow of information related to current and future price developments in the euro area. We conduct the analysis both on an aggregate...
Persistent link: https://www.econbiz.de/10011605134
This paper analyzes the role of institutions in price dispersion among cities in the European region in the 1996-2009 period. An overview of the literature on the border effect reveals that the role of institutions is completely neglected. Using the Worldwide Governance Indicators as explanatory...
Persistent link: https://www.econbiz.de/10010322327
We argue that even in perfectly frictionless markets risk aversion driven by exchange rate uncertainty may cause a wedge between the domestic and foreign price of a totally homogeneous good. We test our hypothesis using a natural experiment based on a unique micro-data set from a market with...
Persistent link: https://www.econbiz.de/10010288808
This paper adds to the literature on wealth effects on consumption by disentangling financial wealth effects from housing wealth effects for the euro area. We use two macro-datasets for our estimations, one on the aggregate euro area for the period 1980-2006, and one on the individual euro area...
Persistent link: https://www.econbiz.de/10011605103
In this paper we investigate the effects of EU enlargement on price convergence. The internal market is expected to boost integration and increase efficiency and welfare through a convergence of prices in product markets. Two principal drivers are crucial to explain price developments. On the...
Persistent link: https://www.econbiz.de/10010326597
Länder beeinflusst die Preiskonvergenz auf zweierlei Weise. Zum einen erhöht sich in der EU insgesamt der Druck auf die … Preise aufgrund des intensiveren Wettbewerbs. Zum anderen steigt das bisher noch relativ niedrige Preisniveau in den neuen …
Persistent link: https://www.econbiz.de/10011601754
Until the global financial crisis of 2007-08, inflation differentials in the euro area could beexplained by a general trend towards price level convergence; that is, countries with lowerprice levels tended to have higher inflation rates than countries with higher price levels.Since then, however,...
Persistent link: https://www.econbiz.de/10014459458
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and nonmarket-based service, house...
Persistent link: https://www.econbiz.de/10010317348
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-market-based service, house...
Persistent link: https://www.econbiz.de/10010264234