(i) non-export real output shocks, (ii) expansionary shocks and (iii) real exchange rate shocks. The results provide …

area and the rest of the world. We find that a rise in nominal wage inflation has positive short-run effects on inflation … relationships with the rest of the world is of particular importance, as it allows to capture the induced relative price movements … consists of Germany, the rest of the euro area, and the rest of the world. …

balances vis-à-vis the rest of the world. In this paper, we apply this decomposition and augment the previous studies of this …