Konferenzbeitrag
Adjustment dynamics and business cycle heterogeneity in the EMU: Evidence from estimated DSGE models
The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States (DE, FR, IT, ES). We compare the response of the four countries to identical shocks and find a particularly strong response of employment and wages in ES, a high sensitivity of IT to investment-related shocks, and a comparatively strong impact of global shocks on the DE economy. We also perform counterfactual exercises that apply the estimated shocks and parameters for ES to DE, FR, and IT. The counterfactual simulations suggest that differences in shocks have been important for GDP growth differentials, and together with structural differences also contributed to differences in employment fluctuations across the four countries considered.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2019: 30 Jahre Mauerfall - Demokratie und Marktwirtschaft - Session: Open Economy Macroeconomics ; No. G03-V2
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Open Economy Macroeconomics
International Business Cycles
Macroeconomic Issues of Monetary Unions
- Thema
-
Estimated DSGE
adjustment dynamics
business cycles
EMU
counterfactuals
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Giovannini, Massimo
Hohberger, Stefan
Ratto, Marco
Vogel, Lukas
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel, Hamburg
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Giovannini, Massimo
- Hohberger, Stefan
- Ratto, Marco
- Vogel, Lukas
- ZBW - Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2019
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