The effects of US economic and financial crises on euro area convergence
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.
|Date of creation:||Sep 2010|
|Date of revision:|
|Contact details of provider:|| Postal: Corso Unione Sovietica, 218/bis - 10134 TORINO|
Phone: +39 011 670.6129
Fax: +39 011 670.6062
Web page: http://www.biblioecon.unito.it/biblioservizi/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:tur:wpaper:15. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Simone Pellegrino)
If references are entirely missing, you can add them using this form.