adjustment process around PPP. By contrast, we combine these two explanations in the context of an innovative panel estimation …

financial (or output) gaps within EU countries. We apply panel techniques, including a Bayesian panel VAR, to 27 EU members over …

cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration … several countries, and panel data results corroborate the time-series findings …

several possible extensions on panel data from 22 OECD countries over 40 years of data. I also evaluate whether the key …

driver of trade flows outside the euro area as compared to those within the monetary union, especially for exports, that tend … to be more sensitive to relative prices than imports. We consider various measures of competitiveness and conclude that … costs appear to contain relatively more information for trade flows, particularly for exports outside the euro area.The key …

of exports and the volume of imports. Then, we re-estimate the model by dividing the terms of trade index into import and … changes in these factors have on net trade, real GDP and the Harmonized Consumer Price Index (HICP). To this end, we estimate … strongly affects real GDP, the nominal effective exchange rate affects it only slightly. Among the external factors, foreign …