کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
963641 | 930381 | 2007 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A re-examination of international inflation convergence over the modern float
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Crowder [Crowder, W.J., 1996. The international convergence of inflation rates during fixed and floating exchange rate regimes. Journal of International Money and Finance 15, 551-576] provided evidence that inflation rates among the seven largest industrialized economies shared one common stochastic trend in the post-war era, over both the fixed and floating exchange rate regimes. The convergence of inflation rates over the floating exchange rate period implies less insulation for the domestic economy from idiosyncratic shocks in the rest of the world, thereby reducing the attractiveness of flexible exchange rates. Several subsequent studies have found much less convergence than suggested in Crowder's original results, suggesting a higher degree of insulation of flexible exchange rates. In this study, we revisit the question of the degree of inflation convergence among the G-7 nations over the modern float. Employing a host of diagnostic methods, we conclude that there is in fact one common trend underlying the inflation rates of the G-7 nations. Consistent with Crowder [Crowder, W.J., 1996. The international convergence of inflation rates during fixed and floating exchange rate regimes. Journal of International Money and Finance 15, 551-576], we cannot attribute the source of the underlying common trend to any one particular country.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 17, Issue 2, April 2007, Pages 125-139
Journal: Journal of International Financial Markets, Institutions and Money - Volume 17, Issue 2, April 2007, Pages 125-139
نویسندگان
William J. Crowder, Chanwit Phengpis,