A mark-up model of inflation for the euro area.
Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long-run markup of prices over costs is fixed, but this may not be true for the Euro area economy, which has undergone major structural reforms over the last 25 years. We allow for shifts...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
European Central Bank
2004
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