Busetti, Fabio; Forni, Lorenzo; Harvey, Andrew C.; … - 2006
, given the common monetary
policy. These diversities may be exacerbated by cyclical considerations: a
country where economic … on Monetary Policy Implications of
Heterogeneity in a Currency Area, Frankfurt 2004, for insightful comments on earlier … growth than others would experience a depreciation of the
real exchange rate and thus a gain in trade competitiveness. Part …