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Inflation Differentials in the Euro Area: Did the ECB Care?


Fendel, Ralf; Frenkel, Michael


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-240164

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Abstract Compared to inflation differentials among regions in the United States, EMU inflation differentials are larger and more persistent. Based on augmented monetary policy reactions functions, this paper addresses the question whether the presence of pronounced inflation differentials in combination with low average inflation rates has influenced monetary policy decisions of the ECB. The paper finds statistical evidence that the ECB took inflation differentials into account which may reflect the fear of deflation in low inflation countries like Germany.
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 1293-1302
Zeitschriftentitel Applied Economics, 41 (2009) 10
DOI http://dx.doi.org/10.1080/00036840701522838
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)