Stabilization policy and business cycle phases in Europe: a Markov switching VAR analysis
AbstractMost of the empirical studies dealing with international business cycles have disregarded the credibility issues that play an important role in the decision to join or not a monetary union. Most of empirical applications based on asymmetric shocks have failed to account for these aspects. In this paper, we tackle this problem by relying on a regime switching approach that characterizes the position of each economy in its business cycle. Then, using desynchronisation indices based on a non parametric approach, we measure the amplitude and the duration of divergence in the business cycles in order to assess the potential stabilization cost induced by the European economic and monetary union. --
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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/7350.
Date of creation: 2003
Date of revision:
Publication status: Published in: Journal of international economic integration (2003),p.214-242
Other versions of this item:
- Beine, Michel & Candelon, Bertrand & Sekkat, Khalid, 1999. "Stabilization policy and business cycle phases in Europe: A Markov Switching VAR analysis," SFB 373 Discussion Papers 1999,91, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
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