in euro. …

This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy … over a common sample period (1974-2002). The structural estimation methodology allows us to investigate whether differences …

paper is that the current exchange rate arrangements for the euro-zone area, both internal and external, are likely to …

, fractional prices - i. e. prices which are convenient to pay - and round prices. Conversion of these prices into euro generally … euro prices. The public fears that rounding will be upward rather than symmetric. This paper simulates in the first … instance a worst-case scenario, whereby all attractive BEF prices are systematically rounded up to the nearest attractive euro …

We discuss the scope of asymmetries in growth and inflation developments in the euro area countries, taking the euro … euro area. This approach typically leads to a division of countries between a core and a periphery, the former consisting … stemming from country-specific shocks and asymmetry stemming from differences in the way countries react to symmetric euro area …

Tommaso Padoa-Schioppa was one of the great architects of the euro. He is remembered in particular as co-rapporteur for …