Using a nonparametric method to characterize Markovian operators, we describe the evolution of the short-run inflation processes among the EMU countries between 1996 and 2012. While a progressive clustering pattern can be outlined in the first half of the period - showing that the monetary union makes price dynamics more homogeneous - starting from 2004 an increase in price volatility makes the clustering pattern unstable, as the analysis of the changing points of the inflation processes confirms
Does European monetary union make inflation dynamics more uniform? / S.M. Iacus, G. Porro. - In: APPLIED ECONOMICS LETTERS. - ISSN 1350-4851. - 21:6(2014), pp. 391-396. [10.1080/13504851.2013.848018]
Does European monetary union make inflation dynamics more uniform?
S.M. Iacus;
2014
Abstract
Using a nonparametric method to characterize Markovian operators, we describe the evolution of the short-run inflation processes among the EMU countries between 1996 and 2012. While a progressive clustering pattern can be outlined in the first half of the period - showing that the monetary union makes price dynamics more homogeneous - starting from 2004 an increase in price volatility makes the clustering pattern unstable, as the analysis of the changing points of the inflation processes confirmsPubblicazioni consigliate
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