Endogenous Optimum Currency Areas and the Blend of Sectors – On the Determinants of Business Cycle Correlation across European Regions
AbstractThis paper examines the degree of correlation of EU regional employment cycles and attempts to show whether these cycles reflect changing patterns of specialisation. By focusing on the regional level and by employing three different indicators of similarity of sectoral structure, it improves on existing studies. A dynamic panel data model is estimated for region pairs by within groups, i.e., by a standard fixed effects estimator. Special attention is paid to capture the rich dynamics which is typical of employment data. The key finding is that employment growth is more synchronised when regions look alike in their sectoral structure. The empirical results again highlight the problem of a common monetary policy for uncommon regions within the euro zone.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 22 (2007)
Issue (Month): ()
Regional Employment; European Union; Regional Business Cycles; Specialisation; Synchronicity;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F15 - International Economics - - Trade - - - Economic Integration
- R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
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- Fabrizio Carmignani, 2010.
"Endogenous Optimal Currency Areas: the Case of the Central African Economic and Monetary Community,"
Journal of African Economies,
Centre for the Study of African Economies (CSAE), vol. 19(1), pages 25-51, January.
- Fabrizio Carmignani, 2009. "Endogenous optimal currency areas: The case of the Central African Economic and Monetary Community," Discussion Papers Series 390, School of Economics, University of Queensland, Australia.
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