autarchic (i.e. fundamental) FX returns. The model is calibrated and tested on the Czech koruna/euro exchange rate in a setting … with seven Czech and euro area asset returns. …

This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro … area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro … over 60 countries.real effective exchange rates, including those of the individual euro area economies, and compares …

with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data … monetary market. The effects produced by fiscal expansions on price dynamics are due to the behavior of consumers, facing a … conditions in the money market where the price level is determined. …

. The paper focuses on the euro area and utilises two variants of an estimated small-scale macroeconomic model featuring …

nominal rigidities and the role of sustained inflation differentials within the euro area. Recent evidence suggests that the …