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Is Price Dynamics Homogeneous Across Eurozone Countries?
( David Guerreiro ),( Marc Joets ),( Valerie Mignon ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2012 Journal of Economic Integration Vol.27 No.4
The aim of this paper is to investigate whether price dynamics is homogeneous across the Eurozone countries. Relying on monthly data over the January 1970~July 2011 period, we test for the absolute purchasing power parity (PPP) hypothesis through the implementation of second and third-generation panel unit root and cointegration tests. Our results show that price dynamics are heterogeneous depending on both the time period and the considered group of countries. More specifically, while PPP is validated for the core Economic Monetary Union (EMU) countries, this hypothesis does not hold for Northern peripheral economies. Turning to the Southern countries, PPP is observed only before the launch of the euro.