search query: @indexterm EUROPEAN MONETARY SYSTEM / total: 608
reference: 303 / 608
| Author: | Funke, M. |
| Title: | The nature of shocks in Europe and in Germany |
| Journal: | Economica
1997 : AUG, VOL. 64:255, p. 461-469 |
| Index terms: | EUROPEAN MONETARY SYSTEM SUPPLY AND DEMAND GERMANY EUROPE |
| Language: | eng |
| Abstract: | The plan for EMU (European Monetary Union) hangs in part on the incidence of aggregate supply and demand shocks in the participating countries. This study addresses the question empirically using a bivariate VAR. Identification of the underlying orthogonal supply and demand shocks is achieved using only long-run restrictions. Data for European countries and German states show that the correlation of shocks among the EU countries is lower than within Germany, which implies that questions remain about the advisability of EMU. |
SCIMA