Convergence of Inflation rates during Flexible Exchange Rate Period

Kausik Chaudhuri

Indian Economic Review, 2002, vol. 37, issue 1, 59-68

Abstract: This paper examines the international convergence of inflation rates during the flexible rate period of eighteen OECD countries. Using individual country data, we find evidence of nonstationarity in most cases. The results are different in the case of the panel data model. Though, we can strongly reject the unit root hypothesis of a panel of eighteen countries, the evidence in favor of stationarity is less in case of countries in the European community or in case of EMS countries.

Keywords: Panel data; Unit root; Inflation; European Monetary System (search for similar items in EconPapers)
JEL-codes: E31 (search for similar items in EconPapers)
Date: 2002
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