Showing 1 - 10 of 132
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
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
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
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
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
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
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
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
Long-run parameters of money demand functions for Switzerland's M2 and M3 aggregate are estimated and their stability investigated. For both aggregates a single stable cointegrating vector is found. Around these long-run relationships a single-equation model for m2 and a single-equation model...
Persistent link: https://www.econbiz.de/10005382370
cointegration, impulse response and variance decomposition analysis. The empirical results reported confirm recent findings that the …
Persistent link: https://www.econbiz.de/10005612891