exchange rate models for the synthetic euro. Using the same data set, variable definitions and sample period offers the … ECB's small-sized euro area wide macro-economic model. In this order the approaches feature an increasing degree of … results confirm the high likelihood for the euro having been undervalued in Q4 2000, while stressing the significant empirical …

This paper applies the identified VAR methodology to synthetic euro area data from 1980 till 1998 to study the macro …-economic effects of an unexpected change in monetary policy in the euro area. The focus is on the area-wide monetary transmission. It … is shown that the overall macro-economic effects of a monetary policy shock in the euro area are very similar to those …

in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area … are: i) Under the current monetary policy regime, the estimated degree of inflation persistence in the euro area is … moderate; ii) Retail prices in the euro area are more sticky than in the US; iii) There is significant sectoral heterogeneity …

for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital … in the euro area. Using the estimated model, the paper also analyses the output (real interest rate) gap, defined as the …

This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy …