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The effects of US economic and financial crises on euro area convergence

  • Fabio C. Bagliano

    ()

    (Department of Economics and Public Finance "G. Prato", University of Torino)

  • Claudio Morana

    ()

    (Department of Economics and Quantitative Methods, University of Eastern Piedmont)

As economic and financial integration between the US and the euro area is strong, assessing whether the recent US crisis may affect the process of real and nominal convergence within the euro area is important. The paper addresses this issue in the framework of a large-scale open economy macroeconometric model, featuring 14 euro area member countries, the USA, and 35 advanced and emerging economies. The results point to a likely contribution of US economic and financial crises to real divergence in the euro area, potentially affecting first, second and third moments of the output growth distribution; on the other hand, implications for nominal convergence are less clearcut.

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File URL: http://web.econ.unito.it/prato/papers/n15.pdf
File Function: First version, 2010
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Paper provided by Former Department of Economics and Public Finance "G. Prato", University of Torino in its series Working papers with number 15.

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Length: 19 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:tur:wpaper:15
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Web page: http://eco83.econ.unito.it/prato/

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  1. Haan, Jakob de & Inklaar, Robert & Jong-A-Pin, Richard, 2005. "Will business cycles in the Euro Area converge : a critical survey of empirical research," CCSO Working Papers 200508, .
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