analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created. … Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by … account deficits of countries stabilizing their exchange rate against the euro (euro periphery). Meanwhile, the aggregate …

. The third issue discusses the uncertainty associated to the estimation of a reduced form relationship for the real … exchange rate, concluding that inference can be improved by panel estimation. The fourth and final issue addresses the presence … of strong and weak cross section dependence in panel estimation, suggesting which panel estimators one could use in this …

developments in Greece over the period from 1960 to 2007 and discuss these developments in relation to the issue of external … sustainability. Concerns over Greece’s external sustainability have emerged since 1999 when the current account deficit widened …

This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship …

. The paper finds that official communication, as reported by wire services, are effective in influencing the US dollar-euro …

-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force … behind daily US dollar – euro/DEM exchange rate developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …