Döpke, Jörg; Gottschalk, Jan; Kamps, Christophe - 2001
: aggregate supply shocks, aggregate spending shocks, and monetary shocks. Applying a structural VAR to data for the eurozone and … Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables … the U.S. suggests that supply shocks are the most important factor explaining real exchange rate fluctuations in the …