the link between external rebalancing and relative price adjustment. We find that neglect of inputs distorts … price through several opposing channels. (1) Mismeasured imported inputs exaggerate economic openness and understate the … price response to rebalancing. (2) Mismeasured domestic inputs increase cross-sectoral asymmetry in openness, leading to an …

-2023, we explore how the FX derivative trading by European funds compares to a feasible theoretical benchmark of optimal … sub-optimal. Overall, the observed FX derivative trading does not significantly reduce the return risk of the average …

unexpected gas price supply shocks on HICP inflation in the euro area and its four largest economies. In comparison to oil price … shocks, gas price shocks have approximately one-third smaller pass-through to headline inflation. Country-specific results … indicate gas price increases matter more for German, Spanish and Italian inflation than for French inflation, hinging on the …

This paper provides estimates of price-marginal cost ratios or markups for 50 sectors in 8 euro area countries and the …