exchange rate models for the synthetic euro. Using the same data set, variable definitions and sample period offers the … ECB's small-sized euro area wide macro-economic model. In this order the approaches feature an increasing degree of … results confirm the high likelihood for the euro having been undervalued in Q4 2000, while stressing the significant empirical …

This paper applies the identified VAR methodology to synthetic euro area data from 1980 till 1998 to study the macro …-economic effects of an unexpected change in monetary policy in the euro area. The focus is on the area-wide monetary transmission. It … is shown that the overall macro-economic effects of a monetary policy shock in the euro area are very similar to those …

in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …