Leiva-Leon, Danilo; Martínez-Martín, Jaime; Ortega, Eva - 2020
This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries in ation into … EUR/USD exchange rate account for over 50% of nominal EUR/USD exchange rate uctuations in more than a third of the … also based on a higher region-wide effect of the shocks. By contrast, purely exogenous exchange rate shocks do not seem to …