Divergent inflation rates in EMU
发现欧元区成员国通胀率分化远超预期，主要归因于欧元早期在国际市场的疲软对不同国家的差异化影响，而巴拉萨-萨缪尔森效应尚未显著发挥作用。
Inflation rates have diverged much more widely than expected among the member states of the EMU. We show that much of this is attributable to the differential impact on different member states of the weakness of the euro on international currency markets in the early months of the union. The Balassa–Samuelson productivity growth effect has not yet played an important role – even in respect of the outlier Ireland – although it will likely be more significant over a longer run, especially as the accession countries join.