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| Author: | Artis, M. J. Nachane, D. |
| Title: | Wages and prices in Europe: a test of the German leadership thesis |
| Journal: | Weltwirtschaftliches Archiv
1990 : VOL. 126:1, p. 59-77 |
| Index terms: | EUROPEAN MONETARY SYSTEM INFLATION ECONOMETRIC MODELS |
| Language: | eng |
| Abstract: | The article tests the German leadership hypothesis in EMS namely whether German inflation forecasts have a relevance for other EMS countries and not for others (and these only for the period of their EMS membership). First it is examined whether forecasts in EMS member countries are improved by adding information about forecasts of inflation in Germany (non- nested testing). Second: whether prices and wages in other EMS countries are cointegrated with prices and wages in Germany.Results are not unequivocal. |
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