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| Author: | Forni, M. Reichlin, L. |
| Title: | Federal policies and local economies: Europe and the US |
| Journal: | European Economic Review
2001 : JAN, VOL. 45:1, p. 109-134 |
| Index terms: | DYNAMIC MODELS FACTOR ANALYSIS BUSINESS CYCLES |
| Language: | eng |
| Abstract: | This paper establishes stylized facts on regional output fluctuations in Europe and the US. Moreover, it proposes a measure of the potential output target of the future European central bank, estimates the potential variance stabilization of a fiscal federation and constructs a regional map of the potential beneficiaries of monetary and fiscal federal policies. The econometric model is an extension of the dynamic factor model a la Sargeant and Sims, where an intermediate-level shock is introduced. |
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