What Determines European Real Exchange Rates?
---- Acknowledgements ----
We thank Paul Konijn of Eurostat for the provision of the data and patient responses to numerous questions. We also thank seminar participants at the Federal Reserve Bank of Dallas and HKUST for comments. Devereux thanks SSHRC, the Royal Bank, and the Bank of Canada for financial support. Part of the paper was written when the second author was visiting the RBA, and the HKIMR, and their hospitality is much appreciated. Finally, the views in this paper are those of the authors alone and do not represent the views of the Bank of Canada or the National Bureau of Economic Research.