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

[journal article]

Fendel, Ralf; Frenkel, Michael

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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.
Document language English
Publication Year 2009
Page/Pages p. 1293-1302
Journal Applied Economics, 41 (2009) 10
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)