We study the behavior of the Real Effective Exchange Rate (REER) of the dirham against the European currencies (the EU15), over the period 1960–2000. We measure the volatility using standard deviation, and the misalignments as the difference between the actual REER and the equilibrium REER...

This paper asks whether external shocks (U.S. interest rates, U.S. industrial production, U.S. stocks prices and world industrial material price) have asymmetric effects on European relative prices (real exchange rates). On 1979-1993 period, the paper finds that two groups of countries may be...

This paper examines the hypothesis of Purchasing Power Parity (PPP), i.e. the proposition that the equilibrium real exchange rate is a constant in the long run, in the case of Europe of the 15. For that purpose, we study the statistical properties of 14 European bilateral real exchange rates...

This article aims at analyzing the problem of real exchange rate appreciation and competitiveness in the EU's ultra-peripheral regions by the case study of La Reunion Island. After describing economic characteristics of this French overseas department, such as the large deficit of the trade...

This article examines the PPP hypothesis, i.e. the proposition that the real exchange rates are stationary, in the case of Europe. For that purpose, we study the statistical properties of 14 European bilateral real exchange rates against the Deutschmark, over the periods snake and EMS. These...