Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152672 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
ECB Working Paper No. 238
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among members (Rose 2001). Putting these together, we see that formation of a monetary union may induce changes that help harmonise inflation rates. The effect might be large if the elimination of exchange rate volatility simultaneously leads to a large increase in intra-union trade and a big increase in the speed at which price shocks are transmitted across members' goods markets. This paper investigates part of this mechanism and finds that monetary union may indeed result in faster cross-border transmission of price movements via the import and export price channel which, in turn, would tend to homogenise price movements across the member countries of a monetary union.
Schlagwörter: 
Exchange rate volatility
harmonisation of price movements
market segmentation
monetary union
no-arbitrage bands
JEL: 
D40
F15
F31
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
422.68 kB





Publikationen in EconStor sind urheberrechtlich geschützt.