European product market integration after the euro
利用1990年至2003年春季欧洲城市消费品价格数据，考察1999年1月欧元引入是否促进了消费者市场一体化。结果发现，1999年后价格并无收敛趋势，但整个1990年代价格离散度显著下降，表明早期降低经济壁垒的努力可能有效促进了市场一体化。
Using a detailed data set of prices of consumer goods in European cities from 1990 to Spring 2003, we investigate the question of whether the introduction of the euro in January 1999 increased integration of consumer markets as reflected by consumer prices. In fact, we find no tendency for prices to converge after January 1999. This finding holds even when we control for a number of factors that might affect price dispersion. On the other hand, we find that there has been a significant reduction in price dispersion throughout the decade of the 1990s, suggesting that efforts to reduce economic barriers initiated early in the decade may have in fact had the effect of significantly increasing the integration of consumer markets. — Charles Engel and John H. Rogers