Relative Prices and Economic Adjustment in the U.S. and the EU [electronic resource] : A Real Story About European Monetary Union / Alun H Thomas.
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TextSeries: IMF Working Papers; Working Paper ; No. 94/65Publication details: Washington, D.C. : International Monetary Fund, 1994Description: 1 online resource (36 p.)ISBN: 1451848633 :ISSN: 1018-5941Subject(s): Common Currency | EMU | Exchange Rate | Exchange Rates | Real Output | Relative Price | United StatesAdditional physical formats: Print Version:: Relative Prices and Economic Adjustment in the U.S. and the EU : A Real Story About European Monetary UnionOnline resources: IMF e-Library | IMF Book Store Abstract: 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.
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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