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22/10/2008 : Workshop - What Drives Inflation in the New EU Member States?

The workshop aims at improving the understanding of the determinants of inflation in the new EU Member States (NMS).

The drivers of inflation dynamics in NMS are arguably more complex to discern than those in the 'old' Member States. First, relatively short statistical series and structural breaks complicate the statistical analysis; second, traditional determinants (external price shock, cyclical conditions, etc.) of inflation interplay with transition effects and long-term catching up dynamics, as well as factor and product market integration with the EU; third, EU accession has required adjustments of excise duties and indirect taxes which have had temporary but substantial impact on inflation.

Against this background, the workshop will present cross-country and quantitative analyses addressing the three following topics:

  1. External vs. domestic drivers of inflation;
  2. Catching-up and transition-related inflation;
  3. Role of macroeconomic and structural policies.


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