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Relative Prices and Economic Adjustment in the U.S. and the EU; A Real Story About European Monetary Union

  • Alun H. Thomas
  • Tamim Bayoumi

Structural vector autoregressions are used to analyze the relationship between real output and relative prices within the 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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 94/65.

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Length: 36
Date of creation: 01 Jun 1994
Date of revision:
Handle: RePEc:imf:imfwpa:94/65
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