Coenen, Günter (contributor); Mohr, Matthias (contributor); … - 2008
currency. In both markets, there is sluggish price adjustment due to staggered price
contracts and indexation, yielding two …, the desired net foreign asset position—expressed in
domestic currency and defined relative to nominal steady-state output … of imports relative to the
price of exports in domestic currency) is accompanied by an even stronger fall in exports.
17 …