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  • 标题:Regional real exchange rates and Phillips curves in monetary unions - Evidence from the US and EMU
  • 本地全文:下载
  • 作者:Jan Marc Berk en Job Swank
  • 期刊名称:DNB Working Papers / De Nederlandsche Bank
  • 出版年度:2007
  • 卷号:1
  • 出版社:De Nederlandsche Bank
  • 摘要:We study price level convergence within the US and EMU, using panel estimates of regional Phillips curves of the hybrid New-Keynesian type. The estimated half lives of deviations from trend PPP are around three years for US regions and two years for euro area countries. The start of EMU had no noticeable influence on PPP convergence in the euro area. Where nominal exchange rates accounted for the bulk of the adjustment process before 1999, this role was taken over by relative prices thereafter. Notwithstanding clear evidence of forward-lookingness, inflation persistence is substantial in both monetary unions, especially in the US .
  • 关键词:Inflation, monetary union, purchasing power parity JEL Classification: E31, E52, F41
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