Maurel, Mathilde; Schnabl, Gunther - 2011
asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis …The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of … perspective by confronting exchange rate based adjustment with crisis adjustment via price and wage cuts. Econometric estimations …