文章基本信息

标题：Explaining the Persistent Effect of the Euro-Changeover on German Restaurant Prices
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作者：Thomas A. Eife
期刊名称：Discussion Paper Series / Universität Heidelberg, Department of Economics
出版年度：2011
卷号：2011
出版社：Universität Heidelberg, Department of Economics
摘要：This paper studies the long-run effect of the 2002 changeover on restaurant prices in Germany. German restaurant prices increased significantly when the euro was introduced as a new currency but rather than returning to their pre-changeover trend, restaurant prices appear to have stabilized on a higher path. This stands in contrast to the prediction of menu costs models or models of confusion-induced price increases as these models can only account for a transitory effect. The persistence of the increase suggests the existence of more than one price equilibrium. This multiplicity of price equilibria is a central part of the explanation proposed in the paper.
关键词：currency changeover; euro; price setting; restaurant prices