model is estimated using data for the euro area and the U.S. and Bayesian methods. The analysis delivers the following …

large scale new-Keynesian dynamic general equilibrium model of the world economy, calibrated on the euro area, the United … States, China, Japan and the rest of the world. An increase in global demand for euros would boost euro-area aggregate demand … because of the reduction in euro-area interest rates (the main benefit associated with the “privilege” of being a global …

We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected … the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption … restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream …

nominal debt (the other fiscal indicator used in EMU) can reduce the scope for window dressing. Simple comparison of deficit …

financial integration contributed to explain CA deterioration in the peripheral countries especially in the post-EMU period. The …