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  1. 1 Ekonomický časopis (Journal of Economics)

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  1. 1 Holmes M. J.

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  1. 1 2009

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ASSESSING INFLATION CONVERGENCE IN THE EUROPEAN UNION: DOES EURO MEMBERSHIP MAKE A DIFFERENCE?

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Holmes M. J.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 10
949 – 962
EN
This study offers a new perspective on the debate concerning inflation convergence in the Euro Area. A new pair-wise unit root testing procedure advocated by Pesaran (2007) is employed on all possible bivariate consumer price index differentials. Evidence in favour of long-run convergence is confirmed where the fraction of rejections in favour of stationary exceeds the size of the individual tests. We find evidence of long-run inflation convergence across the EU, though the speed of convergence is lower for current non-Euro Area countries.
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