Does European Monetary Union make inflation dynamics more uniform?
Stefano Iacus () and
Giuseppe Porro
Applied Economics Letters, 2014, vol. 21, issue 6, 391-396
Abstract:
Using a non-parametric method to characterize Markovian operators, we describe the evolution of the short-run inflation processes among the EMU countries between 1996 and 2012. While a progressive clustering pattern can be outlined in the first half of the period -- showing that the monetary union makes price dynamics more homogeneous -- starting from 2004, an increase in price volatility makes the clustering pattern unstable, as the analysis of the changing points of the inflation processes confirms.
Date: 2014
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DOI: 10.1080/13504851.2013.848018
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