Unité mixte de recherche 7235

On currency misalignments within the euro area

Virginie Coudert, Cécile Couharde, Valérie Mignon

Although nominal parities have been completely fixed within the euro area since the launch of the single currency, real effective exchange rates have continued to vary under the effect of inflation disparities, exhibiting a strong appreciation in the peripheral countries. In this paper, we assess real exchange rate misalignments for euro area countries by using a Behavioral Equilibrium Exchange Rate (BEER) approach on the period 1980-2010. The results show that the peripheral member countries have been suffering from increasingly overvalued exchange rates since the mid-2000s, as their real appreciation has not stemmed from improving fundamentals in terms of productivity or external position. In addition, currency misalignments have been increased on average for all euro area countries since monetary union, while becoming more persistent. More worryingly, our findings highlight different patterns across members, as misalignments have been larger and more persistent in peripheral countries than in core countries.

AGENDA

lundi 27 juin 2022

Law, Institutions and Economics in Nanterre (LIEN)

Miriam Buiten (St Gallen Univ)

En distanciel à 11H30

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Doctorants

Zoltán Szücs | Gagnie Pascal Yebarth

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Professeurs invités

Stéphane Méchoulan

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Tables rondes de macro-finance contemporaine

lundi 19 septembre 2022

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Valeur, valeurs

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