We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance of symmetric vs. asymmetric shocks that result...

This paper explores the impact of the USD/EUR exchange rate on inflation in the Central and East European countries (CEEC). In particular, we analyse which portion of the variation in inflation in the CEEC can be attributed to the USD/EUR exchange rate, as an external shock. In addition, we...