Euro Area Export Performance and Competitiveness
Concerns about export growth within the euro area peripheral countries due to a lack of competitiveness within the euro area are a key policy issue. Our analysis suggests that: (i) Long-term price elasticities for intra-euro area exports are at least double those for extra-euro area exports, so traditional real effective exchange rate indexes may overstate the effectiveness of euro depreciation in restoring exports growth in the euro area periphery and; (ii) There are surprisingly wide divergences across alternative relative price measures and even when relative price data suggest a steady loss in intra- (and extra-) euro area competitiveness, the pace of deterioration depends on the measure of relative prices used.
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- Valerie Cerra & Jarkko Soikkeli & Sweta C. Saxena, 2003.
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- Helge Berger & Volker Nitsch, 2010. "The Euroâ€™s Effecton Trade Imbalances," IMF Working Papers 10/226, International Monetary Fund.
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