Contents of the volume

2016, Volume 69 - Issue 4

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 13 October 2016

EMERGING MEGA-INTEGRATION BLOCS: LIMITS AND PROSPECTS

Miroslav N. Jovanovic

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WHY ISN'T EUROPE GROWING?

Matti Viren

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EMU AND THE ANCHORING OF INFLATION EXPECTATIONS

David Mayes, Maritta Paloviita, Matti Viren

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INTERNATIONAL EVIDENCE ON THE FINANCIAL KUZNETS CURVE

Imad Moosa

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COMPARISON OF THE FUNDAMENTAL AND MONETARY MODELS OF THE DETERMINANTS OF THE ARGENTINE PESO/US DOLLAR EXCHANGE RATE

Yu Hsing

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THE IMPACT OF RECENT CRISIS ON THE REAL ESTATE MARKET IN THE UAE: EVIDENCE FROM ASYMMETRIC METHODS

Safa Al-Mohana, Abdulnasser Hatemi-J

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WHAT DRIVES LONG-RUN ECONOMIC GROWTH? EMPIRICAL EVIDENCE FROM SOUTH AFRICA

Themba Chirwa, Nicholas Odhiambo

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Genoa Chamber of Commerce
Economia Internazionale / International Economics

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Corresponding author

David MAYES, Department of Accounting and Finance, University of Auckland, New Zealand

Co-authors

Maritta PALOVIITA, Bank of Finand, Helsinki

Matti VIREN, University of Turku and Bank of Finland, Helsinki, Finland

EMU and the Anchoring of Inflation Expectations

Pages

341-364

Abstract

This paper provides a new way of assessing the credibility of monetary policy by analyzing the dispersion of inflation-unemployment observations over time, which is both simple and free from ambiguities related to the choice of the Phillips curve specification and modelling of inflation expectations. The analysis uses data from eleven EMU countries and nine non-EMU countries for 1984-1998 and 1999-2013. The dispersion measures use alternative weights for inflation and unemployment and also a simple Misery index. We find that dispersion has decreased during the EMU period but this just mirrors experience in the OECD over the same period.

JEL classification

E31, E61

Keywords

Misery-Index, Inflation, Unemployment, Phillips Curve

Index

  1. Introduction
  2. Analysis and Results
  3. Conclusions

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