Asymmetric Shocks Inside Future EMU
In this paper, we focus on the issue of shocks asymmetries in the future Euro - pean Monetary Union. Relying on the technique of codependence developed by Gouriéroux and Peaucelle [1989, 1993], we propose a new method which, unlike the analysis of Bayoumi and Eichengreen , does not require any arbitrary restrictions. As a whole, our results support the idea of a two-speed Europe.
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