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• Paul Joseph Van den Noord

After the launch of the single currency the euro exchange rate fell and interest rates had converged towards the (low) German level. These shocks have worked out differently for the small and large countries. Housing markets have acted as an important vehicle of transmission of these shocks onto economic activity and inflation. Simulations with a stylised econometric model for the euro area economy, making a distinction between the small and large countries in terms of the estimated parameters, illustrate this mechanism ...

Modélisation de la divergence conjoncturelle dans la zone euro : Le canal de transmission du logement

Après le lancement de la monnaie unique, le taux de change de l’euro avait baissé et les taux d’intérêt avaient convergé vers les taux allemands (qui se situaient à un bas niveau). Ces chocs se sont répercutés de manière différente sur les petites et les grandes économies. Les marchés du logement ont joué un rôle important de canal de transmission de ces chocs, en les répercutant sur l’activité économique et l’inflation. Des simulations effectuées à l’aide d’un modèle économétrique de l’économie de la zone euro, établissant une distinction entre les petites et les grandes économies en termes de paramètres estimés, illustrent ce mécanisme ...

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Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 400.

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Date of creation: 15 Sep 2004
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Handle: RePEc:oec:ecoaaa:400-en

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Related research

Keywords: business cycles Economic and Monetary Union Union économique et monétaire cycle macroéconomique

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

This paper has been announced in the following NEP Reports:

• NEP-ALL-2005-08-13 (All new papers)
• NEP-EEC-2005-08-13 (European Economics)
• NEP-MAC-2005-08-13 (Macroeconomics)
• NEP-MON-2005-08-13 (Monetary Economics)
• NEP-URE-2005-08-13 (Urban & Real Estate Economics)

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This page was last updated on 2008-11-17.