This paper examines the inflationary consequences of a currency changeover in a simple model of the catering market. It is shown that the change in cash denomination acts as a coordination device shifting the industry to a high-price equilibrium. Empirical evidence based on data from the Michelin Red Guide strongly supports the predictions of our model against competing explanations. A permanent change in relative prices has taken place in Euroland, with strong redistributional effects in favour of some segments of the catering sector.
Marini, G., Adriani, F., & Scaramozzino, P. (2003). The Inflationary consequences of a currency changeover: evidence from the Michelin Red guide.
Tipologia: | Altro |
Citazione: | Marini, G., Adriani, F., & Scaramozzino, P. (2003). The Inflationary consequences of a currency changeover: evidence from the Michelin Red guide. |
Lingua: | en |
Data di pubblicazione: | lug-2003 |
Titolo: | The Inflationary consequences of a currency changeover: evidence from the Michelin Red guide |
Autori: | Marini, Giancarlo;Adriani, Fabrizio;Scaramozzino, Pasquale |
Autori: | |
Appare nelle tipologie: | 99 - Altro |
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