Belke, Ansgar; Göcke, Matthias; Günther, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
euro. At the end of our estimation period, the previous exchange rate movements had shifted the upper bound of the play … area to about 1.55 US dollar per euro. In our interpretation, this is the current "pain threshold", where a strong spurt … reaction of exports to a furtherappreciation of the euro is expected to start. …