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A dynamic analysis of asymmetric shocks in EU manufacturing

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Author Info

  • Raul Ramos
  • Miquel Clar
  • Jordi Surinach

Abstract

Available empirical evidence regarding the degree of symmetry between European economies in the context of Monetary Unification is not conclusive. This study offers new empirical evidence concerning this issue related to the manufacturing sector. Instead of using a static approach as most empirical studies do, the dynamic evolution of shock symmetry is analysed using a state-space model. The results show a clear reduction of asymmetries in terms of demand shocks between 1978 and 1996, with an increase in terms of supply shocks at the end of the period.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/0003684022000018178
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 35 (2003)
Issue (Month): 8 ()
Pages: 881-892

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Handle: RePEc:taf:applec:v:35:y:2003:i:8:p:881-892

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References

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  1. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley.
  2. Hall, S G & Robertson, D & Wickens, M R, 1992. "Measuring Convergence of the EC Economies," The Manchester School of Economic & Social Studies, University of Manchester, vol. 60(0), pages 99-111, Supplemen.
  3. Raul Ramos & Miquel Clar & Jordi Suri?ach, 1998. "Specialization in Europe and asymmetric shocks: Potential risks of EMU," ERSA conference papers ersa98p86, European Regional Science Association.
  4. Bayoumi, Tamim & Eichengreen, Barry, 1996. "Operationalizing the Theory of Optimum Currency Areas," CEPR Discussion Papers 1484, C.E.P.R. Discussion Papers.
  5. Hackl, Peter & Westlund, Anders H., 1996. "Demand for international telecommunication time-varying price elasticity," Journal of Econometrics, Elsevier, vol. 70(1), pages 243-260, January.
  6. Robert G. King, 1993. "Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 67-82, Winter.
  7. Peter Brandner & Klaus Neusser, 1992. "Business cycles in open economies: Stylized facts for Austria and Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 128(1), pages 67-87, March.
  8. André Sapir, 1996. "The effects of Europe's international market program on production and trade: a first assessment," ULB Institutional Repository 2013/8162, ULB -- Universite Libre de Bruxelles.
  9. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of Monetary Unification," Department of Economics, Working Paper Series qt791143kp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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Cited by:
  1. Jean Louis, Rosmy & Brown, Ryan & Balli, Faruk, 2011. "On the Feasibility of Monetary Union: Does It Make Sense to Look for Shocks Symmetry across Countries When None of the Countries Constitutes an Optimum Currency Area?," MPRA Paper 39942, University Library of Munich, Germany.

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