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A simple inflation indicator for the euro zone

[journal article]

de Hevia, Jose; Arrazola, Maria

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Abstract This paper proposes and estimates an inflation indicator for the European Monetary Union (EMU). This indicator is set up so that it is contemporarily not affected by the changes in price differentials among EMU countries. The results show that the Monetary Union Index of Consumer Prices (MUICP), which is the inflation measure that the European Central Bank (ECB) takes as a reference for monetary policy purposes, could be understating the value of the inflation in the euro zone. It is also concluded that regional peculiarities are fundamental in the evolution of prices in the different EMU countries.
Document language English
Publication Year 2008
Page/Pages p. 2387-2394
Journal Applied Economics, 40 (2008) 18
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)