Chocs externes et ajustements des taux de change réels européens

External shocks and adjustment of European real exchange rates

Jamal Bouoiyour (jamal.bouoiyour@univ-pau.fr) and Serge Rey

MPRA Paper from University Library of Munich, Germany

Abstract: This paper asks whether external shocks (U.S. interest rates, U.S. industrial production, U.S. stocks prices and world industrial material price) have asymmetric effects on European relative prices (real exchange rates). On 1979-1993 period, the paper finds that two groups of countries may be distinguished; on one side Germany, France, Belgium and Netherlands; on another side, United Kingdom, Italy and Spain. The results imply misalignments in European real exchange rates when external shocks arise. Also, Europe is not an optimum currency area.

Keywords: Relative prices; Real exchange rate; External shocks; Common European currency; Optimum currency area (search for similar items in EconPapers)
JEL-codes: C01 C11 F15 F31 (search for similar items in EconPapers)
Date: 1995-06
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:30241

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