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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/64

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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