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Positive long-run inflation non-super-neutrality in the Euro area

Andrea Vaona

No 20/2015, Working Papers from University of Verona, Department of Economics

Abstract: By means of structural VARs we investigate the long-run nexus between inflation and output in the Eurozone under different identification schemes and model specifications. The Eurozone is an interesting case study due to its very low inflation rate and to the official adherence of its monetary authority to the classical dichotomy. We find a strong positive long-run connection between inflation and output, supporting recent theoretical models arguing that this might exist at low long-run inflation rates.

Keywords: long-run; non-vertical Phillips curve; empirical evidence (search for similar items in EconPapers)
JEL-codes: E31 E40 E50 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Date: 2015-04
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