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The cross-country effects of EU holidays on domestic GDP's


  • Giancarlo Bruno

    (ISAE - Institute for Studies and Economic Analyses)

  • Claudio Lupi

    (University of Molise, Dept. SEGeS, Faculty of Economics)

  • Carmine Pappalardo

    (ISAE - Institute for Studies and Economic Analyses)

  • Gianfranco Piras

    () (University of Pescara, Faculty of Economics)


The number and the distribution of non-working days during the year has recently entered the policy debate related to the slow pace of the European economy.The fact that the number of non-working days can affect the quarter to quarter performance of GDP is well known and hardly disputable. It has recently been argued that not only domestic holidays can in principle be important in each single economy, but also foreign ones, as far as there exist strict connections among the national economies. Given the existing evidence at the national level relative to the influence of calendar effects on GDP, the first step of the econometric analysis in the present research is a check on the existence (and significance) of international spillover effects. Our investigation uses both structural time series models and the ARIMA model-based approach. These two different approaches are used jointly and their specific features are exploited to represent and estimate the time series components of our interest. The empirical evidence does not support the spillover hypothesis.

Suggested Citation

  • Giancarlo Bruno & Claudio Lupi & Carmine Pappalardo & Gianfranco Piras, 2006. "The cross-country effects of EU holidays on domestic GDP's," ISAE Working Papers 63, ISTAT - Italian National Institute of Statistics - (Rome, ITALY).
  • Handle: RePEc:isa:wpaper:63

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    trading days effects; national accounts; international spillover effects;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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