Panel data evidence on inflation convergence in the European Union

Mark Holmes ()

Applied Economics Letters, 2002, vol. 9, issue 3, 155-158

Abstract: This letter investigates the extent of long-run inflation convergence among the major EU economies using panel data unit root and cointegration tests. Potentially, these methods have key advantages over time-series methods which, in the light of limited data, can suffer from power deficiency with a tendency to accept the null of nonstationarity or noncointegration. Using monthly inflation data over the period 1972-99, this study finds that inflation convergence was strongest during 1983-90 whereas the turbulence experienced within in the ERM in the early 1990s conferred some degree of macroeconomic independence among EU members.

Date: 2002
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DOI: 10.1080/13504850110054940

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