Inflation bias after the Euro: evidence from the UK and Italy

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Abstract:

This article presents an indirect approach to investigate the possible existence of measurement error bias in the harmonized index of consumer prices for the UK and Italy. Our empirical results show that there is no significant evidence of a bias for the UK or for Italy prior to the introduction of the Euro. Since January 2002, however, the inflation rate in Italy has been underestimated by at least 6 percentage points.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840500438962

Affiliations: 1: Department of Economics, University of Rome 'Tor Vergata', 00133 Roma, Italy 2: Department of Financial and Management Studies, SOAS University of London, UK 3: Department of Economics, University of Rome 'Tor Vergata', 00133 Roma, Italy,Department of Financial and Management Studies, SOAS University of London, UK

Publication date: March 1, 2007

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