Euro area business cycles:
The role of global, euro area and country-specific shocks in business cycle dynamics of six euro area member countries is assessed with the aid of SVAR models. Output fluctuations are driven by global shocks to a large extent in the euro area, and no Europeanisation of business cycles due to, for ex...
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| Main Author: | |
|---|---|
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2012
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Summary: | The role of global, euro area and country-specific shocks in business cycle dynamics of six euro area member countries is assessed with the aid of SVAR models. Output fluctuations are driven by global shocks to a large extent in the euro area, and no Europeanisation of business cycles due to, for example the European Monetary Union, could be established. Business cycle heterogeneity is driven mainly by (asymmetric) country-specific shocks in the euro area and not by heterogeneous responses to common, particularly global, shocks. The cyclical disparity across the member economies is found to be small relative to the size of business cycles. JEL classification: E32, C32, F00 Keywords: European Monetary Union, international business cycles, common and country-specific shocks, structural vector autoregression |
| Physical Description: | 1 Online-Ressource (31 Seiten) 21 x 28cm |
| DOI: | 10.1787/jbcma-2012-5k98xgf7dnwk |
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| spelling | Seymen, Atilim Verfasser aut Euro area business cycles Atilim Seymen Paris OECD Publishing 2012 1 Online-Ressource (31 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier The role of global, euro area and country-specific shocks in business cycle dynamics of six euro area member countries is assessed with the aid of SVAR models. Output fluctuations are driven by global shocks to a large extent in the euro area, and no Europeanisation of business cycles due to, for example the European Monetary Union, could be established. Business cycle heterogeneity is driven mainly by (asymmetric) country-specific shocks in the euro area and not by heterogeneous responses to common, particularly global, shocks. The cyclical disparity across the member economies is found to be small relative to the size of business cycles. JEL classification: E32, C32, F00 Keywords: European Monetary Union, international business cycles, common and country-specific shocks, structural vector autoregression Economics https://doi.org/10.1787/jbcma-2012-5k98xgf7dnwk Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Seymen, Atilim Euro area business cycles Economics |
| title | Euro area business cycles |
| title_auth | Euro area business cycles |
| title_exact_search | Euro area business cycles |
| title_exact_search_txtP | Euro area business cycles |
| title_full | Euro area business cycles Atilim Seymen |
| title_fullStr | Euro area business cycles Atilim Seymen |
| title_full_unstemmed | Euro area business cycles Atilim Seymen |
| title_short | Euro area business cycles |
| title_sort | euro area business cycles |
| topic | Economics |
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