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This occasional paper reviews the macroeconomic developments in the euro area countries over the past 20 years. It analyses the accumulation of macroeconomic imbalances in the first decade of the EMU and their unwinding during the second decade. It shows that while flow imbalances have been...
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In this paper, we decompose the current account (CA) balance in 19 Euro area countries into cyclical and non-cyclical components. For the period 1999:Q1 to 2015:Q4, we compute income elasticities of imports and of exports via an alternative novel and improved approach by running time-varying...
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The dispersion in current account balances among countries in the euro area has widened markedly over the past decade-and-a-half, and especially since 1999. We decompose current account positions for euro area countries into intra-euro-area balances and extra-euroarea balances and examine the...
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The recent "eurozone crisis" called attention to the substantial current account imbalances within the euro area which … unsustainable movements in the current account. The pre-crisis eurozone was characterized by large and persistent current account … managing the domestic level of wages and prices. In the pre-crisis eurozone, due to diverging configurations of domestic …
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Leistungsbilanzungleichgewichte und der Abbau von Defiziten -- Determinanten der Leistungsbilanz und der Einfluss … -- Betrachtung der Branchenebene -- Implikationen für optimale Währungsräume und die Eurozone. … Volkswirtschaften in der Eurozone. Er leitet den Zusammenhang zwischen den beiden Größen theoretisch her und bestätigt die Argumentation …
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