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The Inflationary Consequences of a Currency Changeover: Evidence from the Michelin Red Guide

Giancarlo Marini, Fabrizio Adriani and Pasquale Scaramozzino

CEIS Research Paper from Tor Vergata University, CEIS

Abstract: This paper examines the inflationary consequences of a currency changeover in a simple model of the catering market. It is shown that the change in cash denomination acts as a coordination device shifting the industry to a high-price equilibrium. Empirical evidence based on data from the Michelin Red Guide strongly supports the predictions of our model against competing explanations. A permanent change in relative prices has taken place in Euroland, with strong redistributional effects in favour of some segments of the catering sector.

Pages: 23
Date: 2003-07-25
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