This paper analyses the impact of the EU accession of Bulgaria and Romania. The fifth EU enlargement in 2004 and 2007 did not only extend the Single European Market. Since 2009, the euro zone encompasses 16 out of 27 EU member states. Additionally the Schengen area has been expanded to include...

This paper considers the potential impact of a shift in official foreign reserves from dollars to euros using a global DSGE model. This paper uses QUEST III, a multi-region global DSGE model, to study the macroeconomic effects of a gradual equalization of official foreign reserves between...