The aim of the euro was to speed up the integration process and economic development in Europe. History of euro showed us that these optimistic goals have been only partly fulfilled. This modest result has several essential roots. Our research showed that Europe have not been and is even not...

The paper estimates the equilibrium real exchange rate (ERER) in Russia for 1995-20065 using the partial-equilibrium version of the trade-balance approach. The three-good framework is applied, allowing distinction between the RER for imports and RER for exports. The terms of trade are viewed as...

This paper improves upon the recently developed literature on exits from fixed exchange rate regimes in three ways: 1) It allows for two indicators for post-exit macroeconomic conditions, the change in the exchange rate and the change in the output gap; 2) it tests whether the distinction...