Determinants of Inflation and Price Level Differentials Across the Euro Area Countries
Determinants of Inflation and Price Level Differentials Across the Euro Area Countries
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欧元区国家通胀和物价水平差异的决定因素
DOI：
10.2139/ssrn.1519943
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
Marc Schiffbauer
中科院分区：
文献类型：
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作者：
M. Andersson;K. Masuch;Marc Schiffbauer
本文分析了欧元区各国通货膨胀差异和价格水平的决定因素。1999-2006年期间的动态面板估计表明，通胀差异主要由周期性状况和通胀持续性决定。通货膨胀差异持续存在的部分原因似乎是价格管制，在某种程度上是产品市场管制。在一个协整框架中，我们发现每个欧元区国家的价格水平是由人均GDP水平决定的。JEL分类：E32，E52，E43，F2
This paper analyses the determinants of inflation differentials and price levels across the euro area countries. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical positions and inflation persistence. The persistence in inflation differentials appears to be partly explained by administered prices and to some extent by product market regulations. In a cointegrating framework we find that the price level of each euro area country is governed by the levels of GDP per capita. JEL Classification: E32, E52, E43, F2