Currency changeovers as natural experiments [Elektronische Ressource] / vorgelegt von Thomas A. Eife

Currency Changeovers as NaturalExperimentsInaugural-Dissertationzur Erlangung des GradesDoctor oeconomiae publicae (Dr. oec. publ.)im Jahr 2006an der Ludwig-Maximilians-Universitat¨ Munc¨ henvorgelegt vonThomas A. EifeReferent: Prof. Ray ReesKorreferent: Prof. Guido TabelliniPromotionsabschlussberatung: 26. Juli 2006 MEINER FAMILIE 2Table of ContentsAcknowledgments ............................... 4Chapter 1. Introduction .......................... 5Chapter 2. Price Setting Behaviour and Price Setting Regula-tions at the Euro Changeover ..................... 72.1. Introduction................................ 72.2.Theory:TransitoryNon-Neutrality................... 92.3.Data............... 12.3.1. Data Description ......................... 12.3.2.TheImmediateImpactinGermany............... 132.3.3.ThePersistentImpactinGermany 172.3.4.TheAustrianExperience..................... 192.3.5.SummaryoftheFindings.................... 22.4.Theory:PersistentNon-Neutrality 232.5. Policy Implications............................ 252.6.Conclusion...................... 272.7.Literature. 29Chapter 3. Do Menu Costs Make Prices Sticky?........... 313.1. Introduction 313.2.TheData................................. 343.3.SomeTheory..... 363.4. The Findings ............................... 403.4.1.FirstEstimationProcedure................... 413.4.2.SecondEstimationProcedure.................. 43.5.Conclusion...................... 453.6.Appendix....... 453.