Findings — The Maastricht inflation criterion has been an influential nominal rule. This evidence provides useful facts for future work assessing the importance of various developments in Europe: harmonization of tax rates, convergence of incomes and labor costs, liberalization of trade and factor markets, and increased coherence of monetary policy. The persistence in inflation differentials appears to be partly explained by administered prices and to some extent by product market regulations. Inflation convergence in the euro area: just another gimmick? This allows to link your profile to this item. Large countries are less well placed to cope with shocks and sluggish adjustment can be expected. Alkhareif, Ryadh and Barnett, William A. This has raised the question of which factors, cyclical or structural, may have played a role in the growth-inflation relationship.
Let me now focus on the factors behind these moderate inflation developments from a longer-term perspective. The European Parliament can play a key role in furthering these objectives. The inflation differentials reflect both structural rigidities inherited from the past and higher inflation expectations stemming from the chosen disinflation strategy. The recent period of low inflation may appear surprising from a cyclical perspective given that we have seen positive economic growth over the past four years, supporting a steady and gradual absorption of economic slack. Our empirical results are economically and statistically significant, and robust. Thus, we conclude that the New Keynesian Phillips curve provides a good first approximation to the dynamics of inflation.
Results show that high employment protection, intermediate coordination of collective bargaining, and high union density increase the persistence of inflation. The model nests the purely forward-looking New Keynesian Phillips curve as a particular case. Additionally, in order to capture sufficiently the evolving distributional dynamics, nonparametric econometric methods are also implemented. However, asset bubbles are a cause of concern as their limited weight means that the common monetary policy is more likely to be out of line with their cyclical position. Asongu, Simplice and Odhiambo, Nicholas 2018 : Published in: Financial Innovation , Vol. Nonetheless, these factors should wane as the economic expansion continues and unemployment further declines. Nous défendons l'idée que les petits pays sont mieux armés pour s'ajuster promptement à des hocs asymétriques du fait de leur bonne intégration avec le reste de la zone.
Baerg, Nicole Rae 2014 : Baerg, Nicole Rae and Lowe, Will 2015 : Bagus, Philipp and Howden, David 2016 : Published in: Betriebswirtschaftliche Forschung und Praxis , Vol. While inflation differentials in a monetary union can be benign, reflecting a catch-up process, or an adjustment mechanism to asymmetric shocks or different business cycles, they may also indicate distortions related to inefficiencies in domestic product and labor markets that amplify or make more persistent the impact of shocks on inflation. Naturally, we are available to provide any assistance in the context of these discussions. Overall, the analysis indicates that the relationship between growth and inflation remains largely intact, even if it has temporarily weakened in recent years to the extent that the speed of adjustment in inflation towards our aim has been affected. Note that if the versions have a very similar title and are in the author's profile, the links will usually be created automatically.
Their inflation rates increased immediately after their euro applications were assessed positively and stayed significantly higher than inflation in France and Germany, two historically low-inflation countries. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate Summary: This paper's analysis of growth and inflation dispersions in the euro area reveals several findings. Second, the different behavior of interest rates just before and after the introduction of the euro has contributed significantly to growth dispersions. Akcelik, Yasin and Aysan, Ahmet Faruk and Oduncu, Arif 2013 : Akosah, Nana and Loloh, Francis and Lawson, Natalia and Kumah, Claudia 2018 : Akturk, Halit and Gocen, Hasan and Duran, Suleyman 2015 : Akyazi, Haydar and Artan, Seyfettin 2006 : Al-Jarhi, Mabid 2015 : Published in: Islamic Economic Studies , Vol. Hauskrecht, Andreas and Stuart, Bryan and Hankel, Wilhelm 2010 : Haydar, Akyazi and Seyfettin, Artan 2006 : He, Dong 2012 : Published in: Hegadekatti, Kartik 2017 : Published in: Comparative Political Economy: Monetary Policy eJournal , Vol. Tatom, John 2008 : Published in: Research Buzz , Vol. Moreover, the analysis of distribution dynamics sheds light to different aspects of convergence and highlights processes like club formation and polarization.
Both common factors and idiosyncratic components are important in explaining individual countries' output and price developments in the euro area and are also both very persistent. We are unable to show you the full-text html version of this article because your Internet Explorer is seriously out of date. Annual inflation stood at 1. Aras, Osman Nuri 2010 : Published in: International Journal of Economics and Finance Studies , Vol. Heinrich, Gregor 2007 : Heinrich, Gregor 2006 : Published in: Panorama internacional de derecho mercantil - Culturas y sistemas jurídicos comparados.
Koop, Gary and Korobilis, Dimitris 2009 : Kopiec, Pawel 2018 : Korobilis, Dimitris 2014 : Kosten, Dmitri 2015 : Kozmenko, Serhiy and Savchenko, Taras 2011 : Published in: Investment Management and Financial Innovations , Vol. This is indeed an important and timely issue, particularly in relation to central clearing, on which I will focus today. Ozili, Peterson, K 2015 : Published in: Research Journal of Finance and Accounting , Vol. This is because inflation and business cycles still strongly differed in that time, although convergence substantially increased in the run up to the monetary union. Amarasekara, Chandranath 2008 : Published in: Central Banking and Financial Markets , Vol. Bank notes and coins were introduced on January 1, 2002, and by July 1 of that year old national currencies were no longer legal tender in their countries.
Kundan 2014 : Arikha, Dahlia 2018 : Arizmendi, Luis-Felipe 2013 : Published in: Theoretical Economics Letters , Vol. Genberg, Hans and He, Dong and Leung, Frank 2007 : Gharyeni, Abdellatif 2015 : Ghate, Chetan and Gupta, Sargam and Mallick, Debdulal 2016 : Ghazanchyan, Manuk 2014 : Published in: Gifuni, Luigi 2017 : Giri, Federico and Riccetti, Luca and Russo, Alberto and Gallegati, Mauro 2016 : Givens, Gregory and Salemi, Michael 2012 : Golmohammadpoor Azar, Kamran and Mansoori, Masoud 2011 : Published in: Gong, Liutang and Zou, Heng-fu 2012 : Gorga, Carmine 2017 : Published in: TalkMarkets , Vol. Mammadov, Fuad 2014 : Manai Daboussi, Olfa 2014 : Mandler, Martin 2010 : Mandler, Martin 2010 : Mandler, Martin 2010 : Mandler, Martin 2007 : Mandler, Martin 2011 : Marinas, Marius and Zoican, Marius Andrei 2008 : Published in: Theoretical and Applied Economics , Vol. Supple 1 2008 : pp. Sienknecht, Sebastian 2012 : Simatele, Munacinga C H 2004 : Published in: University of Gothernburg PhD Series February 2004 Simon, Carl Nally Regi 2017 : Simwaka, Kisu 2006 : Forthcoming in: Simwaka, Kisu and Mkandawire, Leslie 2010 : Forthcoming in: African Economic Research Consortium Simwaka, Kisu and Mkandawire, Leslie 2008 : Published in: African Journal of Economic Policy , Vol.
Ekor, Maxwell and Adeniyi, Oluwatosin and Saka, Jimoh 2013 : Published in: West African Journal of Monetary and Economic Integration , Vol. Nadim and Sheikh, Salman 2009 : Forthcoming in: Journal of Independent Studies and Research , Vol. To make corrections to the bibliographic information of a particular item, find the technical contact on the abstract page of that item. Hasan, Zubair 2009 : Published in: International Journal of Banking and Finance , Vol. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies.