Real Exchange Rate Adjustment in and out of the Eurozone
质疑了货币联盟阻碍实际汇率有效调整的观点，发现欧元区内的实际汇率调整效率至少不逊于区外浮动汇率国家。
It is often suggested that currency unions unduly inhibit the efficient adjustment of real exchange rates. Recently, this has been seen as a key failure of the Eurozone. This paper presents evidence that throws doubt on this conclusion. Our evidence suggests that real exchange rate movement within the Eurozone was at least as compatible with efficient adjustment as the behavior of real exchange rates for the floating rate countries outside the Eurozone. This interpretation is consistent with a model in which nominal exchange rate movements give rise to persistent deviations from the law of one price in traded goods.