First, kudos for Zac, Bryan's RA for grabbing the data. The issue for me on this data was whether cooperating nations naturally agree on the variation in inflation relative to the mean of inflation. Bryan Caplan's post here.
I am interested in noise to mean [ sqrt(variance)/mean ] levels of inflation.
I look at the European nations, which are in a monetary union. What to I see for this value? They all seem clustered about 1.0, in fairly close fashion. (I downloaded the data then obtained srqt(variance). I would expect this corroborates my view that nations in a correlated production system would agree on noise to signal being constant. They are maximum entropy (constant SNR) not minimum variance as in Taylor Rule.
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