for the bulk of the real exchange rate variations for Japan, Italy, Germany, France, and the UK vis-à-vis the US dollar …, France, and Italy, around 15% of the variation in real exchange rate is due to transitory shocks, for Canada, Germany and the … over short horizons. For Canada, however, transitory shocks are dominant over the short horizon. In sum, while for Japan …

German unifikation hit the West German economy in a prosperous and appeared as a huge demand shock at least for the … first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany … those resulting from the demand shock of German unification, to effect not only German trade flows, but also real variables …

U.K., Japan, France and Germany with respect to the United States is conducted. The resulting conclusion is that real …