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Catching-Up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union : Some Implications for Emu and New EU Member States
MacDonald, Ronald - 2013
In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate … catching-up and inflation differentials and offer an interpretation of the nature of this interaction. Our discussion is in … inflation rates between Member States do not necessarily have to be an equilibrium phenomenon, even if the original shock comes …
Persistent link: https://www.econbiz.de/10012754168
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Catching-Up and Inflation Differentials in a Heterogeneous Monetary Union : Some Implications for the Euro Area and New EU Member States
MacDonald, Ronald - 2008
We propose an alternative explanation for the nature, sources and consequences of inflation rate differentials in a … inflation differentials and offer an interpretation of the nature of this interaction. We demonstrate that divergent inflation … the supply-side of the economy. Second, we show how such divergence of individual country's inflation rates may arise when …
Persistent link: https://www.econbiz.de/10012772401
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Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...
Persistent link: https://www.econbiz.de/10010265796
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Real convergence, capital flows, and competitiveness in Central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...
Persistent link: https://www.econbiz.de/10010265991
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Real convergence, capital flows, and competitiveness in central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...
Persistent link: https://www.econbiz.de/10010276616
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Catching-up and inflation in Europe: Balassa-Samuelson, Engel's law and other Culprits
Égert, Balázs - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special … Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and … regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel's Law may hold during …
Persistent link: https://www.econbiz.de/10010273876
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Liquidity Traps in a Monetary Union
Kollmann, Robert - 2020
that future inflation and output will be low (Benhabib et al. (2001)). This paper investigates expectations …
Persistent link: https://www.econbiz.de/10012825685
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The Post-Crisis Slump in the Euro Area and the Us : Evidence from an Estimated Three-Region DSGE Model
Kollmann, Robert - 2017
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences—in particular, the EA slump has been markedly more...
Persistent link: https://www.econbiz.de/10012969881
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The Post-Crisis Slump in the Euro Area and the US : Evidence from an Estimated Three-Region DSGE Model
Kollmann, Robert - 2016
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences - in particular, the EA slump has been markedly more...
Persistent link: https://www.econbiz.de/10012998137
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Liquidity Traps in a Monetary Union
Kollmann, Robert - 2022
that future inflation and output will be low (Benhabib et al. (2001)). This paper investigates expectations …
Persistent link: https://www.econbiz.de/10013308886