Monetary and Real Shocks in a Monetary Union: The Swiss Case
AbstractWe analyze to what extent real and monetary shocks affect price levels and real exchange rates in seven Swiss regions. A structural time series model is set up and estimated using the Kalman filter under two assumptions on the persistence of monetary shocks. We find that the variability of changes in price levels is mainly due to real shocks. The variance of monetary shocks is small but the monetary component of inflation differences across regions differs from zero with some persistence. As the Swiss case shows, this does not seem to be a major obstacle to forming a monetary union.
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Bibliographic InfoArticle provided by Springer in its journal Empirical Economics.
Volume (Year): 20 (1995)
Issue (Month): 4 ()
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Other versions of this item:
- Thomas Jordan & Carlos Lenz, 1994. "Monetary and Real Shocks in a Monetary Union: The Swiss Case," Diskussionsschriften dp9403, Universitaet Bern, Departement Volkswirtschaft.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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