recent euro periphery crisis. Trade costs can limit the pass-through of internal devaluation on export prices. Using data on … relative to domestic prices in the euro periphery. Furthermore, VAT (in theory trade neutral, but in practice much higher on … the euro periphery fiscal devaluation programs, and show that it can account for the most salient features of the data …

This occasional paper reviews the macroeconomic developments in the euro area countries over the past 20 years. It … euro area and to the critical role that structural reforms play in facilitating their adjustment. Looking forward, further …

history. The eurozone experience showed the emergence of large current account imbalances. The peculiar mixture of financial …

Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …