Wahania cykliczne a zmiany realnego efektywnego kursu walutowego w strefie euro
Cyclical fluctuations and changes in real effective exchange rate in the euro zone

Summary/Abstract: The aim of the paper is to describe changes in real effective exchange rate in the euro zone and the assessment of its role in stabilizing the economy. Research revealed that changes in REER are not an effective adjustment mechanism in the euro zone. They are rather pro-cyclical than anti-cyclical. It is caused mainly by low elasticity of labour market which reaction for changes of business cycles is weak or delayed. Thus the main determinant of REER changes are changes in exchange rates of euro against other currencies.

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