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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2108/64
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| Title: | The Inflationary consequences of a currency changeover: evidence from the Michelin Red guide |
| Authors: | Marini, Giancarlo
Adriani, Fabrizio
Scaramozzino, Pasquale |
| Issue Date: | Jul-2003 |
| Publisher: | CEIS |
| Series/Report no.: | CEIS Tor Vergata Research Paper
27 |
| Abstract: | 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. |
| URI: | http://ssrn.com/abstract=428522
http://hdl.handle.net/2108/64 |
| Appears in Collections: | Research papers
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| ssrn-id428522.pdf | | 301Kb | Adobe PDF | View/Open |
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