Existing methods of reconstructing historical Euro-zone data by aggregation of the individual countries' data raises numerous difficulties due to past exchange rate changes. The approach proposed here is designed to avoid such distortions, and aggregate exactly when exchange rates are fixed. In a simple 'Divisa-style' approach, we first compute growth rates within states, aggregate these, them cumulate this Euro-zone growth rate to obtain the aggregated levels variables. We investigate the properties of this growth hrate method for aggregation and construct Euro-zone measures for M3, GDP and prices over the previous two decades.
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Paper provided by European University Institute in its series Economics Working Papers with number
eco2000/10.
Length: 21 pages Date of creation: 2000 Date of revision: Handle: RePEc:eui:euiwps:eco2000/10
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Find related papers by JEL classification: N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913- N13 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: Pre-1913 N00 - Economic History - - General - - - General O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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