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| Author: | Engel, C. Rogers, J.H. |
| Title: | European product market integration after the euro |
| Journal: | Economic Policy
2004 : OCT, 39, p. 347-384 |
| Index terms: | Markets Products Integration Currency European Monetary System European Union |
| Freeterms: | EMU |
| Language: | eng |
| Abstract: | Using a detailed data set of prices of consumer goods in European cities from 1990 to Spring 2003, this study investigates the question of whether the introduction of the euro in Jan. 1999 increased integration of consumer markets as reflected by consumer prices. In fact, there is no tendency found for prices to converge after Jan. 1999. This finding holds even when for a number of factors that might affect price dispersion are controlled. On the other hand, it is found that there has been a significant reduction in price dispersion throughout the decade of the 1990s, suggesting that efforts to reduce economic barriers initiated early in the decade may have in fact had the effect of significantly increasing the integration of consumer markets. |
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