German unifikation hit the West German economy in a prosperous and appeared as a huge demand shock at least for the … first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany … those resulting from the demand shock of German unification, to effect not only German trade flows, but also real variables …

an even limited - flexibility of the nominal exchange rates. According to the theory of Optimal Currency Areas (OCA), in …

an - even limited - flexibility of the nominal exchange rates. According to the theory of Optimal Currency Areas (OCA …

, throughout the period of analysis, the U.S. (1980s and 2000s) and Japan (1970s and 2000s) have been the major transmitters of …

show that the U.S. (1980s and 2000s) and Japan (1970s and 2000s) are the major transmitters of shocks to other countries …