Gnimassoun, Blaise; Mignon, Valérie - EconomiX, Université Paris Ouest-Nanterre la Défense … - 2014
-account discrepancies (external imbalances), output gaps (internal imbalances), and exchange-rate misalignments. To this end, we rely on the … the stability of the global economy, their origin can be found in internal imbalances and exchange-rate misalignments … external imbalances mainly result from exchange-rate misalignments in the euro area, they are mostly explained by output gaps …