EMU has a unique macroeconomic framework that combines a single monetary policy with coordinated national economic and … within EMU, and the need for a kind of insurance against asymmetric shocks. On the other hand, establishing the context for a …

EMU and the euro have been existing for more than seven (almost eight) years. As it is known, EMU –and in particular … of economic policy within EMU in the long-term perspective. For that reason, at the present moment the EU still needs a … inevitable consequence of EMU in the longer term. In general, this study argues that EMU will have a serious impact on the …

New Keynesian model imply that the competitiveness channel is effectively at work in EMU 12 in the sense of real exchange …

procyclical real interest rates in EMU. To address this issue, we use a small open economy DSGE model. We compare the FIML …