期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2007
卷号：2007
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：Inflation differentials in the Euro area are mainly due to a sustained
divergence of wage developments across the Euro area, and narrower differences
in labour productivity growth (Alvarez et al., 2006). We investigate convergence
of inflation using unit labour cost (ULC) growth and applying PANIC (Bai and Ng,
2004) and cluster procedures (Hobijn and Franses, 2000, Busetti et al., 2006) to
Euro area countries as well as US States, US Census Regions and German Länder.
Euro area differs in that dispersion in general (and its fraction due to
idiosyncratic factors in specific) is larger and common factors are much less
important in explaining the variance of ULC growth. We report evidence for
convergence clusters in all countries.
关键词：Unit labor costs, inflation, European Monetary Union, Germany, United States of
America, convergence, convergence clubs, panel unit root tests, PANIC
