Price convergence in the EMU? : evidence from micro data /

Price convergence in the EMU? : evidence from micro data /

The establishment of European monetary union (EMU) was widely expected to cause price convergence among member states. In an investigation of this claim, the present study avoids problems of comparability and representativeness by using an extremely detailed and comprehensive scanner database on was...

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Bibliographic Details
Main Author: Fischer, Christoph
Format: Book
Language:English
Published: Frankfurt am Main : Deutsche Bundesbank, 2009
Series:Discussion paper (Deutsche Bundesbank). Series 1: economic studies no. 06/2009
Subjects:
PRECIOS INTERNACIONALES
UNION ECONOMICA Y MONETARIA
INDICES DE PRECIOS
SISTEMA MONETARIO EUROPEO
UEM
Online Access:https://www.econstor.eu/bitstream/10419/27658/1/200904dkp.pdf

MARC

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520 3 |a The establishment of European monetary union (EMU) was widely expected to cause price convergence among member states. In an investigation of this claim, the present study avoids problems of comparability and representativeness by using an extremely detailed and comprehensive scanner database on washing machine prices and sales volumes for 17 European countries. A hedonic regression yields country-specific time series for quality-adjusted price differentials. Statistically and economically significant deviations from the LOP emerge. Log t tests firmly reject price convergence among EMU countries. Small convergence clusters can be identified but they are unrelated to EMU membership. 
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