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Economic theory and econometric dynamics in modelling wages and prices in the United Kingdom
Fisher, Paul G.; BÅrdsen, Gunnar - In: Empirical Economics 24 (1999) 3, pp. 483-507
We show that a "competing claims" model of imperfect competition can explain the movements of wages and prices in the United Kingdom, using quarterly data covering 1976-93. We argue that careful attention both to economic theory and to the interaction between dynamics and identification is...
Persistent link: https://www.econbiz.de/10005382262
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The demand for broad money in Norway, 1969-1993
Eitrheim, ûyvind - In: Empirical Economics 23 (1998) 3, pp. 339-354
Cointegration analysis is applied to investigate the long run relationships between money, prices, and wages in Norway … wealth. Domestic price inflation is affected by imported inflation including currency depreciation (a pass through effect …
Persistent link: https://www.econbiz.de/10005382373
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Near unit root and the relationship between inflation and interest rates: A reexamination of the Fisher effect
Lanne, Markku - In: Empirical Economics 26 (2001) 2, pp. 357-366
Tests of the Fisher effect are plagued by high persistence in interest rates. Instead of standard regression analysis and asymptotic results, methods relying on local-to-unity asymptotics are employed in testing for the Fisher effect with monthly U.S. data covering the period 1953:1-1990:12....
Persistent link: https://www.econbiz.de/10005382214
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A common trends model of UK core inflation
Bagliano, Fabio C.; Morana, Claudio - In: Empirical Economics 28 (2003) 1, pp. 157-172
In this paper the long-run trend in RPI inflation (core inflation) for the UK over the 1961–1997 period is estimated …). In this context core inflation is directly linked to money and wage growth and interpreted as the long-run forecast of … inflation from a small-scale, cointegrated macroeconomic system. Copyright Springer-Verlag Berlin Heidelberg 2003 …
Persistent link: https://www.econbiz.de/10005613034
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Do reductions in black market exchange rate premia cause inflation?
Larue, Bruno; Gervais, Jean-Philippe - In: Empirical Economics 26 (2001) 3, pp. 525-551
implicit export taxes could force governments to raise inflation to finance their budget deficit. Park (1995) and Morris (1995 …) demonstrated that unification need not raise the steady-state level of inflation. In this paper, we investigate the inflation … from Argentina and Peru tends to support Park and Morris' post-unification low inflation scenario. In contrast, the …
Persistent link: https://www.econbiz.de/10005382443
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System estimates of potential output and the NAIRU
Apel, Mikael; Jansson, Per - In: Empirical Economics 24 (1999) 3, pp. 373-388
unemployment, GDP, and inflation. Identification is achieved through the use of a standard version of Okun's law and a Phillips …
Persistent link: https://www.econbiz.de/10005382390
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Price convergence of peripheral European countries on the way to the EMU: A time series approach
Camarero, Miriam; Esteve, Vicente; Tamarit, Cecilio - In: Empirical Economics 25 (2000) 1, pp. 149-168
This paper examines price and inflation convergence between three European countries (Italy, Spain and the U.K.) and a …
Persistent link: https://www.econbiz.de/10005382306
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Changing monetary transmission mechanisms within the EU
Juselius, Katarina - In: Empirical Economics 23 (1998) 3, pp. 455-481
The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the "second ERM" in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR...
Persistent link: https://www.econbiz.de/10005758307
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A Markov-switching vector equilibrium correction model of the UK labour market
Marcellino, Massimiliano; Mizon, Grayham E.; Krolzig, … - In: Empirical Economics 27 (2002) 2, pp. 233-254
There is a wide literature on the dynamic adjustment of employment and its relationship with the business cycle. In this paper we present a statistical model that offers a congruent representation of part of the UK labour market since the mid 1960s. We use a cointegrated vector autoregressive...
Persistent link: https://www.econbiz.de/10005758339
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Who is ruling Europe? Empirical evidence on the German Dominance Hypothesis
Camarero, Mariam; Ordóñez, Javier - In: Empirical Economics 26 (2001) 4, pp. 623-650
The aim of this paper is to analyze the hypothesis of German dominance in the European Monetary System (EMS). For this purpose, we use monthly interest rates for nine European countries from January 1979 to the second half of 1997. In particular, we test the stability of the implied long-run...
Persistent link: https://www.econbiz.de/10005382352