This paper analyses the effects of exchange rate uncertainty on the pricing behaviour of import firms in the euro area … prices, disaggregated by origin of imports. Controlling for intra- and extra-euro area trade is important. … Eurozone analysiert. Die Unsicherheit wird über die Volatilität der Strukturschocks auf den Wechselkurs in einem nichtlinearen …

for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital … in the euro area. Using the estimated model, the paper also analyses the output (real interest rate) gap, defined as the …

2.8% of euro-area GDP, which corresponds to approximately 250 billion euros. We also find that using a cycle …

developments in the euro area since the start of EMU. …