Productivity growth and inflation in Europe: Evidence from panel cointegration tests

Dimitris Christopoulos and Mike Tsionas

Empirical Economics, 2005, vol. 30, issue 1, 137-150

Abstract: In this paper we investigate the productivity growth – inflation nexus in fifteen European countries over the period 1961–1999 using panel unit root and panel cointegration tests. Emphasis is placed on the distinction between long-run and short-run causality using recently developed tests appropriate for heterogeneous panel. The empirical results are relevant for the role of the EMU and the Treaty of Maastricht in catching up, real convergence, and the future growth prospects of Europe. The policy implications of the findings are discussed in detail. Copyright Springer-Verlag 2005

Keywords: Productivity; inflation; panel unit roots; panel cointegration; European Monetary Union; convergence; C22; C23; O40; E30 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (10)

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DOI: 10.1007/s00181-004-0227-3

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