Campa, Jose M.; Gavilán, Angel - IESE Business School, Universidad de Navarra - 2006
experienced by Euro area countries over the last three decades. In the model current account balances are used to smooth … (Belgium, France, Italy, Netherlands, Portugal, and Spain) of the ten Euro area countries examined, although the model tends to … European countries at the creation of the Euro but they had considerably diverged by 2005. While in Portugal these expectations …