文章基本信息

标题：How is real convergence driving nominal convergence in the new EU Member States?
本地全文：下载
作者：Sarah M. Lein-Rupprecht ; Miguel A. León-Ledesma ; Carolin Nerlich 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2007
卷号：1
出版社：European Central Bank
摘要：The􀈱purpose􀈱of􀈱this􀈱paper􀈱is􀈱to􀈱evaluate􀈱the􀈱empirical􀈱relevance􀈱of􀈱real􀈱convergence􀈱on􀈱the􀈱 process􀈱of􀈱nominal􀈱convergence􀈱for􀈱the􀈱new􀈱EU􀈱Member􀈱States.􀈱We􀈱discuss􀈱two􀈱of􀈱the􀈱main􀈱 channels􀈱through􀈱which􀈱real􀈱convergence􀈱could􀈱affect􀈱relative􀈱prices􀈱with􀈱respect􀈱to􀈱the􀈱euro􀈱 area:􀈱 productivity􀈱 growth􀈱 and􀈱 increased􀈱 trade􀈱 openness.􀈱 Productivity􀈱 growth􀈱 can􀈱 have􀈱 a􀈱 positive􀈱effect􀈱on􀈱price􀈱levels􀈱via􀈱the􀈱Balassa􀈬Samuelson􀈱effect,􀈱whereas􀈱increased􀈱openness􀈱 leads􀈱 to􀈱 reductions􀈱 in􀈱 mark􀈬ups􀈱 and􀈱 costs􀈱 and􀈱 therefore􀈱 can􀈱 have􀈱 a􀈱 negative􀈱 impact􀈱 on􀈱 prices.􀈱In􀈱order􀈱to􀈱assess􀈱their􀈱empirical􀈱relevance,􀈱we􀈱used􀈱a􀈱Structural􀈱VAR􀈱model􀈱to􀈱which􀈱 we􀈱 applied􀈱 a􀈱 model􀈱 reduction􀈱 algorithm.􀈱 This􀈱 method􀈱 accounts􀈱 for􀈱 endogeneity􀈱 and􀈱 simultaneity􀈱 and􀈱 circumvents􀈱 the􀈱 problem􀈱 of􀈱 limited􀈱 data􀈱 availability.􀈱 Our􀈱 findings􀈱show􀈱 that,􀈱in􀈱general,􀈱openness􀈱has􀈱had􀈱a􀈱negative􀈱impact􀈱and􀈱productivity􀈱growth􀈱a􀈱positive􀈱one􀈱 on􀈱price􀈱level􀈱convergence􀈱with􀈱respect􀈱to􀈱the􀈱euro􀈱area.􀈱􀈱
关键词：real􀈱convergence;􀈱nominal􀈱convergence;􀈱inflation;􀈱new􀈱EU􀈱Member􀈱States.