Modelling Cyclical Divergence in the Euro Area: The Housing Channel = Modélisation de la divergence conjoncturelle dans la zone euro

After the launch of the single currency the euro exchange rate fell and interest rates had converged towards the (low) German level. These shocks have worked out differently for the small and large countries. Housing markets have acted as an important vehicle of transmission of these shocks onto eco...

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1. Verfasser: van den Noord, Paul (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Paris OECD Publishing 2004
Schriftenreihe:OECD Economics Department Working Papers no.400
Schlagworte:
Online-Zugang:DE-862
DE-863
Zusammenfassung:After the launch of the single currency the euro exchange rate fell and interest rates had converged towards the (low) German level. These shocks have worked out differently for the small and large countries. Housing markets have acted as an important vehicle of transmission of these shocks onto economic activity and inflation. Simulations with a stylised econometric model for the euro area economy, making a distinction between the small and large countries in terms of the estimated parameters, illustrate this mechanism ...
Beschreibung:1 Online-Ressource (20 Seiten) 21 x 29.7cm.

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