Eurozone prices: A tale of convergence and divergence
نویسندگان
چکیده
This study examines the issue of price convergence within European Monetary Union (EMU). Using a relative model with transition paths, we investigate extent to which occurred in EMU from 2001 2020. Our identifies and estimates starting date, shape, velocity convergent divergent processes. Moreover, find for over 80% economy between 2011. Specifically, respect Germany, France Italy showed absolute convergence, while Spain Portugal exhibited convergence. However, statistical evidence price-level divergence appears 2012 onwards most cases. finding suggests that impact monetary policy was not uniform across all members, is particularly relevant policymakers. Thus, recommend using this econometric framework comprehend processes monitor stability union.
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ژورنال
عنوان ژورنال: Economic Modelling
سال: 2023
ISSN: ['0264-9993', '1873-6122']
DOI: https://doi.org/10.1016/j.econmod.2023.106418