Real and monetary convergence between the European Union's core and recent member countries: A rolling cointegration approach

摘要: Abstract We use rolling cointegration to measure the convergence of base money, M2, CPI and industrial output between Germany France recent EU members some transition countries that are now joining EU. Countries joined previously exhibit time-varying with core over 1980–2000 sample period. Cointegration for economies was comparable M2 prices, but not monetary policy output. Thus a peg Euro soon after accession is feasible East European countries, benefits zone as yet limited.