A similar phenomenon was observed by Charles Engel and Richard Rogers (Engel and Rogers 1995). They studied the price differentials of the same pairs of goods in different North American cities (in the USA and Canada).
We now assume that the ECB estimates the euro-wide short-term Phillips curve. This will produce an estimated Phillips curve whose slope is an average of the slopes of the Phillips curves of the individual countries.
Economics of Monetary Union provides concise analysis of theories and policies relating to monetary union.
The market leader and the main specialist book in this area, De Grauwe has built on the success of the previous edition and thoroughly revised and updated this new edition...
The ninth edition of Economics of Monetary Union provides a concise analysis of the theories and policies relating to monetary union.