Inflation patterns and monetary policy : lessons for the European Central Bank / Johannes M. Groeneveld.

Format:

Book

Author/Creator:

Groeneveld, Johannes M., 1965-

Contributor:

Simon Nelson Patten Fund.

Language:

English

Subjects (All):

Inflation (Finance)--European Union countries.

Inflation (Finance).

Monetary policy--European Union countries.

Monetary policy.

European Union countries.

Physical Description:

xi, 257 pages : illustrations ; 24 cm

Place of Publication:

Cheltenham, UK ; Northampton, Mass., USA : Edward Elgar, [1998]

Contents:

2 A preliminary look at inflation 3

2. The P*-Framework: Theory and Backgrounds 8

2 Theoretical and methodological underpinnings of the P*-model 9

3 Technical aspects 19

Appendix 2A Unit roots: theory and testing strategy 28

3. Testing the P*-Model for Four Initial ERM Members 36

2 A preliminary look at the actual data 37

3 The determination of the price gaps 46

4 Regression results 65

4. Money and Prices in a Small EMU 93

2 The extended P*-model 94

3 Aggregation issues 97

4 The actual and equilibrium European variables 101

5 Technical aspects of the construction of European equilibrium variables 113

6 Economic distortions in Europe: theoretical and policy considerations 118

7 Regression results 121

5. Monetary Spillover Effects from the ERM to Austria 144

2 A preliminary look at the data and the price gaps for Austria 145

3 The impact of national and European monetary factors on Austrian prices 150

6. Direct Inflation Targeting: Conceptual and Empirical Considerations 154

2 Practical and theoretical backgrounds 155

3 A preliminary look at the data 160

4 The data generating process of inflation 168

5 Inflation and interest rate dynamics 175

6 What monetary strategy for the ECB: some preliminary thoughts 192

7. About the Ins and Outs 195

2 Convergence in Europe: a brief review of the literature 196

3 Some stylized facts 198

4 An empirical analysis of convergence in Europe 202

5 Economic performance and long-term interest rates 219

6 Summary and some policy considerations 226.

Notes:

Includes bibliographical references (pages 235-240) and index.

Local Notes:

Acquired for the Penn Libraries with assistance from the Simon Nelson Patten Fund.

ISBN:

1858988535

OCLC:

38485928