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Relative Prices and Economic Adjustment in the US and EU: A Real Story About European Monetary Union

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  • Bayoumi, Tamim
  • Thomas, Alun

Abstract

Structural vector autoregressions are used to analyse the relationship between real output and relative prices within the European Union (EU) and the United States. Relative price variability appears to be more important for adjustment within the EU than the United States, reflecting the lower integration of goods and factor markets. In the absence of higher market integration, the lower relative price variability implied by the introduction of a single currency in the EU could well cause significant economic disruption.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 988.

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Date of creation: Jul 1994
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Handle: RePEc:cpr:ceprdp:988

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Keywords: Common Currency; EMU; Relative Prices;

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Cited by:
  1. Schor, Armand-Denis, 2000. "La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(4), pages 545-576, décembre.

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