Euro Area Policies: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 298

Publication date: September 2003

ISBN: 9781451812947

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , price , euro area , inflation expectation , EU enlargement , supply and demand demand shock , pension spending-GDP ratio , Inflation , Pension spending , Aging , Pensions , Pension reform , Europe , Global , Eastern Europe

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Summary

An important aim of this paper is to take shifts in the long-term anchor in the empirical specifications. The study examines exchange-rate pass-through and external adjustment in the euro area. The impact on third-country trade and investment is also discussed. A better understanding of the economic behavior underlying limited pass-through is an important consideration for investigating the implications of currency fluctuations and the pattern of external adjustment. The impulse-response patterns suggest a high degree of local currency pricing in import prices and producer currency pricing in export prices.