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The dynamic interrelations between unequal neighbors: an Austro-German case study

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  • Klaus Prettner

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  • Robert Kunst

Abstract

This article investigates the effects and the transmission of shocks between asymmetric neighboring countries. In particular, we investigate Austria and Germany which are highly integrated due to their common language and common membership of the European Monetary Union. Generalized impulse response functions reveal large and significant effects of shocks to the German economy on Austria. By contrast, the effects of shocks to the Austrian economy on Germany are barely significant and if they are, their magnitude is small. Furthermore, we can show that multiplier effects exist in Germany but not in Austria and we identify hysteretic properties in Austrian unemployment. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s00181-011-0504-x
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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 43 (2012)
Issue (Month): 2 (October)
Pages: 741-761

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Handle: RePEc:spr:empeco:v:43:y:2012:i:2:p:741-761

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Related research

Keywords: Structural vector error correction model; Open economies; Economic integration; Generalized impulse response analysis;

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References

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  2. Parente, Stephen L & Prescott, Edward C, 1994. "Barriers to Technology Adoption and Development," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 298-321, April.
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  8. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
  9. Paul Gaggl & Serguei Kaniovski & Klaus Prettner & Thomas Url, 2009. "The short and long-run interdependencies between the Eurozone and the USA," Empirica, Springer, vol. 36(2), pages 209-227, May.
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  14. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
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Cited by:
  1. Prettner, Catherine & Prettner, Klaus, 2014. "How interdependent are Eastern European economies and the Euro area?," Center for European, Governance and Economic Development Research Discussion Papers 187, University of Goettingen, Department of Economics.
  2. Catherine Prettner & Klaus Prettner, 2012. " After Two Decades of Integration: How Interdependent are Eastern European Economies and the Euro Area?," Department of Economics Working Papers wuwp138, Vienna University of Economics, Department of Economics.

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