Benoît Cœuré: exchange rate pass-through has fallen for eurozone
ECB board member calls for reconsideration of IS curve modelling
The recent appreciation of the euro may “have less of an impact on growth than, for example, after the great financial crisis”, Benoît Cœuré said in a speech in Frankfurt today (September 11). He also argued that short-term interest rates were not the appropriate way of modelling the IS curve in the eurozone.
“Since the beginning of April, the euro has appreciated by around 13% against the US dollar and 7% in nominal effective terms,” said Cœuré, a member of the European Central Bank’s
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