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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Discussion Paper Series No. 518
Verlag: 
University of Heidelberg, Department of Economics, Heidelberg
Zusammenfassung: 
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 re-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.
JEL: 
D43
E31
L13
L89
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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