Dispersion rose somewhat during the crisis in both currency areas but remained broadly in line with pre-crisis patterns.1 Allow me to go one step further and compare the sources of this growth dispersion in the United States and the euro area. Both currency areas include regions that experienced a significant boom-and-bust cycle over the past decade.
1  Tarkka, Juha: Approaches to Deposit Pricing, A Study in the Determination of Deposit Interest Rates and Bank Service Charges; Bank of Finland Studies E:2, Helsinki 1995.