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Shock Hunting: The Relative Importance of Industry-Specific, Region-Specific and Aggregate Shocks in the OECD Countries

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  • Funke, Michael
  • Hall, Stephen
  • Ruhwedel, Ralf

Abstract

A common argument against monetary union is that it precludes stabilization of economies through monetary and exchange rate policy. The authors address this point by calculating the relative empirical importance of industry-specific, country-specific, and aggregate disturbances using a comparable international data set comprising annual data from 1971 to 1993 for nineteen OECD countries and twenty-five two-digit industries. The evidence seems to suggest that the country-specific shocks have declined over the last twenty years. Copyright 1999 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Funke, Michael & Hall, Stephen & Ruhwedel, Ralf, 1999. "Shock Hunting: The Relative Importance of Industry-Specific, Region-Specific and Aggregate Shocks in the OECD Countries," Manchester School, University of Manchester, vol. 67(0), pages 49-65, Supplemen.
  • Handle: RePEc:bla:manchs:v:67:y:1999:i:0:p:49-65
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    Cited by:

    1. Kenen, Peter B., 2000. "Currency areas, policy domains, and the institutionalization of fixed exchange rates," LSE Research Online Documents on Economics 20170, London School of Economics and Political Science, LSE Library.
    2. Wolfgang Franz, 1999. "Real and Monetary Challenges to Wage Policy in Germany at the Turn of the Millennium: Technical Progress, Globalization and European Monetary Union," CESifo Working Paper Series 200, CESifo Group Munich.
    3. Straubhaar, Thomas & Suhrcke, Marc & Urban, Dieter M., 2002. "Divergence - is it geography?," HWWA Discussion Papers 181, Hamburg Institute of International Economics (HWWA).
    4. Siebert, Horst, 1998. "Die Europäische Währungsunion: was zu tun und was zu lassen ist," Kiel Working Papers 854, Kiel Institute for the World Economy (IfW).
    5. Marc-Alexandre Sénégas, 2010. "La théorie des zones monétaires optimales au regard de l'euro : Quels enseignements après dix années d'union économique et monétaire en Europe ?," Revue d'économie politique, Dalloz, vol. 120(2), pages 379-419.
    6. Siebert, Horst, 1998. "The Euro: A dozen do's and don't's," Kiel Discussion Papers 312, Kiel Institute for the World Economy (IfW).
    7. Juan Luís Ollero & Raul Ramos & Jordi Suriñach-Caralt, 2001. "Macroeconomic implications of EMU at the regional level," ERSA conference papers ersa01p146, European Regional Science Association.
    8. Guglielmo Caporale & Mohammad Haq, 2002. "Manufacturing Wage Differentials and Employment in Some Scandinavian Countries, the U.S. and the U.K.: An Analysis of Variance Approach," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 29(4), pages 289-304, December.
    9. Philip Arestis & Malcolm Sawyer, 2001. "Will the Euro Bring Economic Crisis to Europe?," Macroeconomics 0103003, EconWPA.

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