TY - BOOK ID - 84541494 TI - Relative Prices and Economic Adjustment in the U.S. and the EU : A Real Story About European Monetary Union AU - Thomas, Alun. AU - Bayoumi, Tamim. PY - 1994 SN - 1462366147 1452701830 1281988707 145199611X 9786613794239 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Econometrics KW - Exports and Imports KW - Foreign Exchange KW - Macroeconomics KW - Money and Monetary Policy KW - Economic Integration KW - International Monetary Arrangements and Institutions KW - Regional Economic Activity: Growth, Development, and Changes KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Financial Aspects of Economic Integration KW - Personal Income, Wealth, and Their Distributions KW - Time-Series Models KW - Dynamic Quantile Regressions KW - Dynamic Treatment Effect Models KW - Diffusion Processes KW - State Space Models KW - Currency KW - Foreign exchange KW - Monetary economics KW - International economics KW - Econometrics & economic statistics KW - Exchange rates KW - Currencies KW - Monetary unions KW - Personal income KW - Structural vector autoregression KW - Money KW - Economic integration KW - National accounts KW - Econometric analysis KW - Income KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541494 AB - 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. ER -