use a forward and backward looking model, calibrated for the euro area. The policymaker cannot completely observe the …

indicators (1973-1997)? (2) To what extent will the introduction of the euro affect the balance-of-payments accounts and foreign …

to the euro adoption than what can be expected from the acceding countries in the forthcoming years. If acceding … countries sail too fast towards the euro, their sailing may not be as smooth as the one of frontrunners. …

participating in EMU. The focus is on substitution between dollar and euro balances in the three basic functions of money – unit of … between a domestic currency and aggregate foreign currency balances, we look for substitution between the dollar and the euro … or euro-related foreign currency balances. We find substitution between dollarization and euroization to be asymmetric in …

This paper calculates the equilibrium exchange rates for the Euro and the rest of the G-7 currencies. Building on the … multilateral equilibrium real rates into bilateral equilibrium nominal rates. The results uncover that the Euro was slightly …

One of the major economic changes of 2003 is the depreciation of the USD especially against the euro and also against a … early 2002 scenario when the Euro remained passive to the positive Euro zone outlook. …

EU area and around the world, have been experiencing new situations, problems and development relating to euro long … before the euro currency was even released in January 1999. …