Chocs externes et ajustements des taux de change réels européens
[External shocks and adjustment of European real exchange rates]
This paper asks whether external shocks (U.S. interest rates, U.S. industrial production, U.S. stocks prices and world industrial material price) have asymmetric effects on European relative prices (real exchange rates). On 1979-1993 period, the paper finds that two groups of countries may be distinguished; on one side Germany, France, Belgium and Netherlands; on another side, United Kingdom, Italy and Spain. The results imply misalignments in European real exchange rates when external shocks arise. Also, Europe is not an optimum currency area.
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CEPR Discussion Papers
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NBER Working Papers
1202, National Bureau of Economic Research, Inc.
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- Charles Wyplosz, 1991. "On the real exchange rate effect of German unification," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(1), pages 1-17, March.
- repec:cai:recosp:reco_p1994_45n3_0673 is not listed on IDEAS
- Bayoumi, Tamim & Eichengreen, Barry, 1996. "Operationalizing the Theory of Optimum Currency Areas," CEPR Discussion Papers 1484, C.E.P.R. Discussion Papers.
- Charles Wyplosz & Jean Pisani-Ferry & Barry Eichengreen, 1994. "Pourquoi le SME a explosé et comment le relancer ?," Revue Économique, Programme National Persée, vol. 45(3), pages 673-688.
- Berglas, Eitan & Razin, Assaf, 1973. "Real exchange rate and devaluation," Journal of International Economics, Elsevier, vol. 3(2), pages 179-191, May.
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