-run implications of price convergence focusing on the speed of reversion to equilibrium after a system–wide shocks hits the … pairwise, relative and σ–convergence. We show that there is evidence of pairwise price convergence and that some key … of price–growth convergence, while price–level convergence is not supported by the data. Lastly, we assess the short …

-run implications of price convergence focusing on the speed of reversion to equilibrium after a system-wide shocks hits the … pairwise, relative and σ-convergence. We show that there is evidence of pairwise price convergence and that some key … of price-growth convergence, while price-level convergence is not supported by the data. Lastly, we assess the the short …