It is generally thought that members in a monetary union experience a similar level of inflation. This paper verifies this conventional belief. Using regional data, we present statistical evidence of heterogeneous inflation in Japan. Not only does the average inflation differ significantly...

It is generally thought that members in monetary union experience a similar level of inflation. This paper verifies this conventional belief. Using regional data, we present statistical evidence of heterogeneous inflation in Japan. Not only does the average inflation differ significantly across...

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...

It is often argued that an optimal currency area requires homogeneous regional inflation. However, previous empirical studies point out heterogeneity in sectoral inflation and geographical concentration of industries within a monetary union. It follows that there must be a difference in regional...

The purpose of this study is to identify the spatial effects of the main macroeconomic indicators of the eastern and western regions of Russia. These regions differ significantly in population density and the distances between cities. The main research question we are interested in is the...

The huge price differences between the former Soviet Union (FSU) and remaining world emerged at the beginning of 1990s. This phenomenon of hundredfold relative purchasing power of foreign currencies in the republics of FSU is not systematically explained by the traditional system of the...

The present paper empirically investigates the cointegrating relation between housing prices and economic fundamental variables in the US housing market. Employing simple yet rigorous econometric techniques, the present paper finds strong evidence in favor of cointegrating relations in most US...

In this paper we test Okun's Law for individuals states from 1990 through 2012. We find the relationship between output and unemployment becomes stronger following the 2007 Great Recession. For most states the impact of a change in output on unemployment has increased and in many cases the...

This paper surveys recent developments related to regional recessions and recoveries. Building on the idea of regional resilience, selected theoretical and empirical contributions are discussed in order to provide an overview of this area of research that looks at both equilibrium- and...

This paper tests for mean-reversion in real exchange rates for India during the recent (managed) float period yield evidence of mean- reversion in the real exchange rate series constructed with the consumer price index as deflator as well as for a series constructed using the ratio of wholesale...