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Euro area inflation: aggregation bias and convergence
[Zeitschriftenartikel]
Abstract Monetary policy of the European Monetary Union targets aggregate euro area inflation. Concerns are growing that a focus on aggregate inflation may cause national inflation rates to diverge. While different explanations for diverging aggregate euro area inflation have been brought forward, the very i... mehr
Monetary policy of the European Monetary Union targets aggregate euro area inflation. Concerns are growing that a focus on aggregate inflation may cause national inflation rates to diverge. While different explanations for diverging aggregate euro area inflation have been brought forward, the very impact of aggregation on divergence has, however, not been studied. We find a striking difference in convergence depending on the level of aggregation. While aggregate national inflation rates are diverging, disaggregate inflation rates are converging. We find that aggregation appears to bias evidence towards non-convergence. Our results are consistent with prominent theoretical and empirical evidence on aggregation bias.... weniger
Thesaurusschlagwörter
Schätzung; Aggregation; EU; Euro
Klassifikation
Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Volkswirtschaftslehre
Wirtschaftspolitik
Freie Schlagwörter
Euro area inflation; Aggregation bias; Convergence; C12; C22; E31;; Inflationsrate; Zeitreihenanalyse
Sprache Dokument
Englisch
Publikationsjahr
2010
Seitenangabe
S. 339-357
Zeitschriftentitel
Review of World Economics, 146 (2010) 2
DOI
https://doi.org/10.1007/s10290-010-0053-y
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)