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      <record key="001" att1="001" value="175243" att2="175243">001   175243</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Open Access</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/lib/oa4.pdf</field>
      <field key="079" subkey="z">Wagner, Martin - et al., What's Really the Story with this Balassa-Samuelson Effect in the CEECs? (pdf)</field>
      <field key="100" subkey="">Wagner, Martin</field>
      <field key="103" subkey="">Department of Economics, University of Bern</field>
      <field key="104" subkey="a">Hlouskova, Jaroslava</field>
      <field key="107" subkey="">Department of Economics and Finance, Institute for Advanced Studies, Vienna</field>
      <field key="331" subkey="">What's Really the Story with this Balassa-Samuelson Effect in the CEECs?</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Bern, Switzerland</field>
      <field key="412" subkey="">Volkswirtschaftliches Institut, Universität Bern</field>
      <field key="425" subkey="">2004, September</field>
      <field key="433" subkey="">76 pp.</field>
      <field key="451" subkey="">Diskussionsschriften; 04-16</field>
      <field key="451" subkey="i">Volkswirtschaftliches Institut, Universität Bern (Ed.)</field>
      <field key="544" subkey="">OA4</field>
      <field key="700" subkey="">F02</field>
      <field key="700" subkey="">O40</field>
      <field key="700" subkey="">O57</field>
      <field key="700" subkey="">P21</field>
      <field key="700" subkey="">P27</field>
      <field key="720" subkey="">Balassa-Samuelson effect</field>
      <field key="720" subkey="">Central and Eastern Europe</field>
      <field key="720" subkey="">Transition economies</field>
      <field key="720" subkey="">Non-stationary panels</field>
      <field key="720" subkey="">Bootstrapping</field>
      <field key="720" subkey="">Inflation simulations</field>
      <field key="753" subkey="">Abstract: This paper offers a detailed assessment of the Balassa-Samuelson (BS) effect in eight Central and Eastern European</field>
      <field key="cou" subkey="n">tries (CEEC8). Several features distinguish this study from others: First, we investigate a variety of specifications</field>
      <field key="ofe" subkey="x">tended models. Nonhomogeneity of wages, deviations from PPP in tradables and demand side variables are found to importantly</field>
      <field key="con" subkey="t">ribute to explain inflation differentials. Second, a variety of specifications is investigated. Third, we rely upon bootstrap</field>
      <field key="inf" subkey="e">rence for panel unit root and panel cointegration analysis. The bootstrap results are rather clear: No evidence for</field>
      <field key="coi" subkey="n">tegration remains when resorting to bootstrap inference. To quantify the bias that may arise from incorrectly using</field>
      <field key="coi" subkey="n">tegration techniques, we also quantify the BS effect from equations containing (nonstationary) 'cointegration' terms. Fourth,</field>
      <field key="we" subkey="p">resent inflation simulations based on well specified scenarios. The results are as follows: Evidence for the BS effect is</field>
      <field key="fou" subkey="n">d. The BS effect is, however, rather small (around half a percent per annum) and not sufficient to explain the observed</field>
      <field key="inf" subkey="l">ation differentials between the CEEC8 and the EU11. Using, despite the lacking evidence, cointegration techniques results</field>
      <field key="thr" subkey="o">ughout in substantially larger estimated effects. This suggests that studies relying upon cointegration may have</field>
      <field key="ove" subkey="r">estimated the BS effect. The additional explanatory variables in the extended BS models allow for a satisfactory modelling of</field>
      <field key="the" subkey="">observed inflation rates. The mean inflation simulations for the CEEC8 countries, based on the extended models, range from 2</field>
      <field key=".77" subkey="%">for the Slovak Republic to 6.75% for Poland. These are well above the 2% inflation objective for the European Monetary Union</field>
      <unknown>.;</unknown>
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