We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other … euro) makes the response of a financial variable such as the REER and exchange market pressure in the PHs more sensitive to … a change in key variables in the U.S. (or the euro area) such as policy interest rates and the REER. While having more …

currency? Unlike ten years ago, there now exists a credible competitor: the euro. This paper econometrically estimates … (we estimate a weight on the preceding year's currency share around .9). The advent of the euro interrupts the continuity … equation correctly predicts a (small) narrowing in the gap between the dollar and euro over the period 1999-2004. Whether the …

The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the … euro over the period 1999-2007. This paper updates calculations regarding possible scenarios for the future. We exclude the … the de facto financial center of the euro, more so than Frankfurt. We also assume that the dollar continues in the future …

This paper documents the evidence for a productivity based model of the dollar/euro real exchange rate over the 1985 … the Johansen (1988) and Stock-Watson (1993) procedures. We find that each percentage point in the US-Euro area … estimation methodology, the variables included in the regression, and the sample period. We conjecture that productivity …

currencies are less successfully explained. It may be that the results from currency-by-currency estimation are impaired by …