article, we provide evidence suggesting a recent rise in the use of the dollar, and fall of the use in the euro, with similar …

interest rate in response to inflation and either the output or the unemployment gap, for the euro/dollar exchange rate with …

Using tick-by-tick data of the dollar-yen and euro-dollar exchange rates recorded in the actual transaction platform, a …

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 …

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 …

, euro area and UK data points to a substantial deviation from that invariance prediction: expectations of interest rate …

Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro … zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR … economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity …

-factor model. We identify them as a dollar factor and a euro factor. Exchange rates are thus driven by global, US, and Euro …