Biroli, Pietro; Mourre, Gilles; Turrini, Alessandro - In: Intereconomics : review of European economic policy 48 (2013) 3, pp. 159-166
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
