Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and Other Culprits
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of inflati...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel's Law may hold during periods of very fast growth. We interpret these results as a sign that price level convergence comes from goods, market and non-market service prices. Furthermore, we find that the Phillips curve flattens with a decline in the inflation rate, that inflation persistence increases and that commodity prices have a stronger effect on inflation in a higher inflation environment |
| Beschreibung: | 1 Online-Ressource (33 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kmblscvdk7d-en |
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| spelling | Égert, Balázs Verfasser aut Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits Balázs Égert = Rattrapage économique et inflation en Europe : Balassa-Samuelson, la loi d'Engel et d'autres explications / Balázs Égert Rattrapage économique et inflation en Europe Paris OECD Publishing 2010 1 Online-Ressource (33 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel's Law may hold during periods of very fast growth. We interpret these results as a sign that price level convergence comes from goods, market and non-market service prices. Furthermore, we find that the Phillips curve flattens with a decline in the inflation rate, that inflation persistence increases and that commodity prices have a stronger effect on inflation in a higher inflation environment Economics https://doi.org/10.1787/5kmblscvdk7d-en Verlag kostenfrei Volltext |
| spellingShingle | Égert, Balázs Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits Economics |
| title | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits |
| title_alt | Rattrapage économique et inflation en Europe |
| title_auth | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits |
| title_exact_search | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits |
| title_exact_search_txtP | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits |
| title_full | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits Balázs Égert = Rattrapage économique et inflation en Europe : Balassa-Samuelson, la loi d'Engel et d'autres explications / Balázs Égert |
| title_fullStr | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits Balázs Égert = Rattrapage économique et inflation en Europe : Balassa-Samuelson, la loi d'Engel et d'autres explications / Balázs Égert |
| title_full_unstemmed | Catching-up and Inflation in Europe Balassa-Samuelson, Engel's Law and Other Culprits Balázs Égert = Rattrapage économique et inflation en Europe : Balassa-Samuelson, la loi d'Engel et d'autres explications / Balázs Égert |
| title_short | Catching-up and Inflation in Europe |
| title_sort | catching up and inflation in europe balassa samuelson engel s law and other culprits |
| title_sub | Balassa-Samuelson, Engel's Law and Other Culprits |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kmblscvdk7d-en |
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