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In search of a euro effect: Big lessons from a Big Mac Meal?

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Author Info
Parsley, David
Wei, Shang-Jin

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Abstract

Was the adoption of the euro accompanied by an increase in prices? Did it promote goods market arbitrage in the form of faster convergence to a common price? By comparing the experience of eurozone countries to non-euro European countries in a [`]difference-in-differences' specification, we net out effects on prices unrelated to the euro. We find neither evidence of significant price increases associated with the euro, nor evidence of a significant improvement in market integration.

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File URL: http://www.sciencedirect.com/science/article/B6V9S-4RFSCP9-2/1/d5de7e300120b65181d913a2c5777881
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Publisher Info
Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 27 (2008)
Issue (Month): 2 (March)
Pages: 260-276
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Handle: RePEc:eee:jimfin:v:27:y:2008:i:2:p:260-276

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Web page: http://www.elsevier.com/locate/inca/30443

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  1. Charles Engel & John H. Rogers, 2004. "European product market integration after the euro," Economic Policy, CEPR, CES, MSH, vol. 19(39), pages 347-384, 07. [Downloadable!] (restricted)
  2. Sala-i-Martin, Xavier X., 1996. "Regional cohesion: Evidence and theories of regional growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1325-1352, June. [Downloadable!] (restricted)
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  3. Paul R. Bergin & Reuven Glick, 2006. "Global price dispersion: are prices converging or diverging?," Working Paper Series 2006-50, Federal Reserve Bank of San Francisco. [Downloadable!]
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  4. Chowdhury, Ibrahim & Sarno, Lucio & Taylor, Mark P, 2002. "Non-Linear Dynamics in Deviations from the Law of One Price: A Broad-Based Empirical Study," CEPR Discussion Papers 3377, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Akerlof, George A & Yellen, Janet L, 1985. "Can Small Deviations from Rationality Make Significant Differences to Economic Equilibria?," American Economic Review, American Economic Association, vol. 75(4), pages 708-20, September. [Downloadable!] (restricted)
  6. Michael Ehrmann, 2006. "Rational inattention, inflation developments and perceptions after the euro cash changeover," Working Paper Series 588, European Central Bank. [Downloadable!]
  7. Giovanni Mastrobuoni & Wioletta Dziuda, 2005. "The Euro Changeover and its Effects on Price Transparency and Inflation," Carlo Alberto Notebooks 26, Collegio Carlo Alberto, revised 2006. [Downloadable!]
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