assess how far European integration has come in practice. Using a unique data set, I document the pattern of price dispersion …, most of which took place between 1991 and 1994. The level of traded goods price dispersion in the euro area is now quite … a smaller extent. For U.S. cities, there is no evidence of a decline in price dispersion, even for tradeables. I examine …

of variation and a dynamic factor model to examine the evolution of price convergence and market efficiency across … price convergence but had little impact on market efficiency. There was an immediate sharp increase in the level of price … strong driver of price convergence. To formally test the impact of union on price convergence, we estimate border effects …