dc.contributor.author | Glushenkova, Marina | en |
dc.contributor.author | Zachariadis, Marios | en |
dc.contributor.editor | Pilbeam, Keith | en |
dc.creator | Glushenkova, Marina | en |
dc.creator | Zachariadis, Marios | en |
dc.date.accessioned | 2024-09-02T07:34:38Z | |
dc.date.available | 2024-09-02T07:34:38Z | |
dc.date.issued | 2024-01 | |
dc.identifier.issn | 1099-1158 | |
dc.identifier.uri | http://gnosis.library.ucy.ac.cy/handle/7/66353 | en |
dc.description.abstract | Not that different. Based on a unique dataset of semi-annual microeconomic price levels of goods and services across and within countries for 1990:1-2018:2, we show that time-series volatility and cross-sectional dispersion of law-of-one-price deviations are similar for pairs of cities within the same country and across the Eurozone eleven original members. Our empirical analysis reveals that inflation and
nominal exchange rate volatility/dispersion across locations have a positive impact on the volatility/dispersion across locations of law-of-one-price deviations across the globe. Furthermore, dispersion of law-of-one-price deviations across goods falls when the relative inflation rate between these locations rises, suggesting that the degree of price adjustment in individual product markets within a country has an international component shaped by international trade and arbitrage considerations.
According to this measure of price integration, economies within the monetary union are half-way to the level of integration characterizing national economies. Moreover, monetary union membership is associated with lower volatility of law-of-one-price deviations, placing member countries more than half-way towards the volatility levels characterizing national economies. | en |
dc.language.iso | eng | en |
dc.publisher | Wiley | en |
dc.rights | CC0 1.0 Universal | * |
dc.rights.uri | http://creativecommons.org/publicdomain/zero/1.0/ | * |
dc.source | International Journal of Finance&Economics | en |
dc.source.uri | https://onlinelibrary.wiley.com/doi/10.1002/ijfe.2704 | en |
dc.subject | Nominal Exchange Rates | en |
dc.subject | Volatility | en |
dc.subject | Inflation | en |
dc.subject | Price Dispersion | en |
dc.subject | Law-of-one-price | en |
dc.subject | Euro | en |
dc.title | How different are Monetary Unions to national economies according to prices? | en |
dc.type | info:eu-repo/semantics/article | en |
dc.identifier.doi | 10.1002/ijfe.2704 | |
dc.description.volume | 29 | |
dc.description.issue | 1 | |
dc.description.startingpage | 684 | |
dc.description.endingpage | 702 | |
dc.author.faculty | 005 Σχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management | |
dc.author.department | Τμήμα Οικονομικών / Department of Economics | |
dc.type.uhtype | Article | en |
dc.contributor.orcid | Glushenkova, Marina [0000-0002-4206-3697] | |
dc.contributor.orcid | Zachariadis, Marios [0000-0002-2308-1881] | |
dc.type.subtype | SCIENTIFIC_JOURNAL | en |
dc.gnosis.orcid | 0000-0002-4206-3697 | |
dc.gnosis.orcid | 0000-0002-2308-1881 | |