Previous work has documented a greater sensitivity of long-term government bond yields to fundamentals in Euro area … stress countries during the euro crisis, but we know little about the driver(s) of regimeswitches. Our estimates based on a …

Previous work has documented a greater sensitivity of long-term government bond yields to fundamentals in Euro area … stress countries during the euro crisis, but we know little about the driver(s) of regime-switches. Our estimates based on a …

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may …