Grimm, Oliver; Ried, Stefan - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2007
in a currency area like the Euro area.
We do this in two steps: First, we derive the output equation from a microfoun … countries participating in the European
Monetary Union (EMU) are far from being homogeneous. Both, the differentials of
output … in the participating countries will
presumably become even larger when the ten new EU member states adopt the Euro.
Hence …