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Do prices in the EMU converge (non-linearly)?

Fritsche, Ulrich; Lein-Rupprecht, Sarah M.; Weber, Sebastian - 2009

This paper examines the current state of price convergence amongst the eleven initial EMU member states. Special … attention is given to possible changes in the convergence process during the euro cash changeover. We apply the convergence … kernel-density estimates. We find that convergence took place before 2000, slowed down substantially between 2000 and 2003 …

Persistent link: https://www.econbiz.de/10010425231

Adjustment in EMU : is convergence assured?

Dullien, Sebastian; Fritsche, Ulrich; Größl, Ingrid; … - 2009

Using a modified version of the model presented by Belke and Gros (2007), we analyze the stability of adjustment in a currency union. Using econometric estimates for parameter values we check the stability conditions for the 11 original EMU countries and Greece. We found significant instability...

Persistent link: https://www.econbiz.de/10010425867

Analysing convergence in Europe using a non-linear single factor model

Fritsche, Ulrich; Kuzin, Vladimir - 2008

We investigate convergence in European price level, unit labor cost, income, and productivity data over the period of … extremely flexible on order to model a large number of transition paths to convergence. We find regional clusters in consumer … indicate the existence of three convergence clubs without strong regional linkages; Italy and Germany are not converging to any …

Persistent link: https://www.econbiz.de/10010426359

Does the dispersion of unit labor cost dynamics in the EMU imply long-run divergence? : results from a comparison with the United States of America and Germany

Dullien, Sebastian; Fritsche, Ulrich - 2007

inflation convergence using different approaches, namely panel unit root tests, cointegration tests and error-correction models …. All in all we cannot reject convergence of ULC growth in EMU, however, country-specific deviations from the rest of the …

Persistent link: https://www.econbiz.de/10010426361

Unit labor cost growth differentials in the Euro area, Germany, and the US : lessons from PANIC and cluster analysis

Fritsche, Ulrich; Kuzin, Vladimir - 2007

area, and narrower differences in labour productivity growth (Alvarez et al., 2006). We investigate convergence of … are much less important in explaining the variance of ULC growth. We report evidence for convergence clusters in all …

Persistent link: https://www.econbiz.de/10010426362

How bad is divergence in the Euro-zone? : lessons from the United States of America and Germany

Dullien, Sebastian; Fritsche, Ulrich - 2006 - This version: October 06

This paper compares relative unit labour cost developments in the countries of the euro-area since the beginning of the European Monetary Union (EMU) both with historical developments and with intra-regional unit labour cost developments in the United States of America and Germany. To this end,...

Persistent link: https://www.econbiz.de/10010426369

Does euro area membership affect the relation between GDP growth and public debt?

Dreger, Christian; Reimers, Hans-Eggert - 2012

We analyse the relationship between the debt to GDP ratio and real per capita GDP growth for the euro area members by distinguishing between periods of sustainable and non-sustainable debt. Thresholds are theory-based and depend on the macroeconomic framework. If the interest rate exceeds...

Persistent link: https://www.econbiz.de/10009666798

Fiscal spillovers in the euro area

Caporale, Guglielmo Maria; Girardi, Alessandro - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10009579628

The European debt crisis and fiscal reaction functions in Europe 2000 - 2012

Baldi, Guido; Stæhr, Karsten - 2013

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Persistent link: https://www.econbiz.de/10009745191

On the relationship between public and private investment in the euro area

Dreger, Christian; Reimers, Hans-Eggert - 2014

This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the...

Persistent link: https://www.econbiz.de/10010248168