The Empirical Determinants of the Euro

Menzie David Chinn
The behavior of the dollar/euro exchange rate is modeled using a monetary model of the exchange rate. The econometric analysis is complicated by the short sample span of actual euro data available for analysis. Hence, data on a "synthetic" euro are used. The assumptions underlying the monetary approach are discussed. A cointegrating relationship involving the exchange rate, money stocks, industrial production, interest and inflation rates, augmented by a relative price of nontradables, is identified for...
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