کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7356108 1478218 2017 29 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Determinants of inflation differentials in the euro area: Is the New Keynesian Phillips Curve enough?
ترجمه فارسی عنوان
تعیین کننده تفاوت های تورمی در منطقه یورو: آیا منحنی فیلیپس نیوکینزین کافی است؟
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
In the euro area, inflation rates diverged after the creation of the single currency, and started to converge again from mid-2002. It is against this background that the paper studies the determinants of inflation differentials in the euro area. We start by using the New Keynesian Phillips Curve (NKPC) to explain inflation differences for a panel of countries. Exchange rate movements and expected inflation in particular play an important part in bringing about diverging inflation dynamics, while lagged inflation does not. The Incomplete Competition Model (ICM) adds explanatory power to the NKPC in describing inflation dynamics across countries. The latter model does not encompass ICM, and the variables proposed by the ICM are statistically significant: the growth in nominal Unit Labour Cost and the long-run disequilibrium between prices and costs explain inflation differentials.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Applied Economics - Volume 20, Issue 1, May 2017, Pages 75-103
نویسندگان
,