Microfoundations of the euro's effect on euro area trade hinge on the timing, the speed and the size of adjustment in … at the sector level. We find that, due to falling trade costs, trade within the euro area increases between the years … 2000 and 2003 by 10 to 20 percent compared with trade between European countries that are not members of the euro area …

the importance of TARGET2 for the stability of the euro area and points out that the proposal to limit the size of TARGET2 …

A system of U.S. and euro area short- and long-term interest rates is analyzed. According to the expectations … parity the difference between the U.S. and euro area longterm interest rates should also be stationary. If all four interest … of four interest rate series. Combining German and European Monetary Union data to obtain the euro area interest rate …