Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/78030
Authors: 
Égert, Balázs
Year of Publication: 
2007
Series/Report no.: 
Bruegel Working Paper 2007/02
Abstract: 
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and nonmarket-based service, house and goods prices, and we summarise some stylised facts emerging from descriptive statistics. Subsequently, we set out the possible mismatches between price level convergence and inflation rates. Having described in detail the underlying economic factors, we proceed to demonstrate the relative importance of these factors on observed inflation rates first in an accounting framework and then by relying on panel estimations.
Subjects: 
price level
inflation
Balassa-Samuelson
tradables
house prices
regulated prices
Europe
transition
JEL: 
E43
E50
E52
C22
G21
O52
Document Type: 
Working Paper
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