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| Tekijä: | Sumner, M. |
| Otsikko: | Incredibility and inflation in the EMS |
| Lehti: | Economic Journal
2000 : JUL, VOL. 110:465, p. 662-663 |
| Asiasana: | ECONOMICS INFLATION EUROPEAN MONETARY SYSTEM |
| Kieli: | eng |
| Tiivistelmä: | The paper presents and discusses the recent test of ERM credibility in price-setting behavior, where Bleaney and Mizen (BM) write there estimation equation which relates domestic inflation to expected German inflation, domestic inertia and the (lagged log) real exchange rate. The discussion covers the fact that in Denmark, France and Italy the real exchange rate is insignificant, though in each case with a coefficient that implies adjustment at an even slower pace than the 'glacial' rate of 15% per year which Rogoff (1996) distills as a stylised fact of purchasing power parity. |
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