nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern … the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both …

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 …

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is … no country face a deflation. This minimum aggeragate inflation rate is 0.94% in the euro-11 countries and 1.13% in an …

banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the …

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and …

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … the Euro area, less than half a percentage point of its current account surplus is found to require an adjustment via real …

characteristics of these differing series are examined, including the exchange rates for the U.S., the euro area and several East …

The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the … market). There is a tipping phenomenon, but changes are felt only with a long lag (we estimate a weight on the preceding year … euro over the period 1999-2007. This paper updates calculations regarding possible scenarios for the future. We exclude the …