A Short History of Price Level Convergence in Europe
结合消费者价格调和指数与绝对价格水平数据，研究欧洲价格水平分散度的演变，发现过去40-50年间欧洲价格水平趋于收敛，并分析了间接税率协调、非贸易投入成本趋同及贸易投入成本趋同（汇率稳定与开放度提高）等因素的作用。
We study the evolution of price level dispersion in Europe by combining time‐series information on harmonized indices of consumer prices (HICPs) with occasional observations of absolute price levels. We find that European price levels converged over much of the last 40 to 50 years. In the United States, our benchmark, price level dispersion is more or less stable. A back‐of‐the‐envelope calculation suggests that indirect tax rate harmonization, convergence of nontraded input costs, and convergence of traded input costs (in the form of exchange rate stability and increased openness) are all important in explaining European price level convergence.