The co-movement between output and prices in the EU15 countries: an empirical investigation
The paper studies the co-movement between output and prices in the EU15 countries. Following Den Haan, the correlations of VAR forecast errors at different horizons are used to analyse the dynamics in the output-price relationship. The empirical results show that ten countries display a significant negative co-movement between output and prices in the 'long run' whereas this is positive in the 'short run' only for three countries. Finally, four countries do not exhibit any significant co-movement.
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Volume (Year): 9 (2002)
Issue (Month): 14 ()
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