recent euro periphery crisis. Trade costs can limit the pass-through of internal devaluation on export prices. Using data on … relative to domestic prices in the euro periphery. Furthermore, VAT (in theory trade neutral, but in practice much higher on … the euro periphery fiscal devaluation programs, and show that it can account for the most salient features of the data …

We investigate the factors driving current account and monetary policy developments in the euro area. We estimate an … provide evidence for spillovers to the euro area from US preference shocks and US interest rate policy shocks. …

This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction … stops, we document that sudden stops were overall more frequent and more severe in euro area countries compared to other … euro area countries to severe sudden stops mainly reflects domestic fundamentals whereas there is no clear evidence of an …

In light of persistently large net foreign liability (NFL) positions in several euro area countries, we analyse 138 …