24 of the European Union’s (EU) 27 Member States are now part of the ‘Schengen area’ of internal free movement and issue ‘Schengen visas’ valid throughout this area. While celebrated as one of the most tangible successes of European integration and as the final reunification of a...

We apply both classical and Bayesian econometric methods to characterize the dynamic behavior of inflation for twelve industrial countries over the period 1984-2003, using four different price indices for each country. In particular, we estimate a univariate autoregressive (AR) model for each...