Arbeitspapier
Adjustment in EMU: Is Convergence Assured?
Using a modified version of the model presented by Belke and Gros (2007), we analyze the stability of adjustment in a currency union. Using econometric estimates for parameter values we check the stability conditions for the 11 original EMU countries and Greece. We found significant instability in the model for a large number of countries. We then simulate the adjustment process for some empirically observed parameter values and find that even for countries with relatively smooth adjustment, the adjustment to a price shock in EMU might take several decades.
- Sprache
-
Englisch
- Erschienen in
-
Series: DEP (Socioeconomics) Discussion Papers - Macroeconomics and Finance Series ; No. 7/2009
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
- Thema
-
EMU
convergence
stability
inflation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dullien, Sebastian
Fritsche, Ulrich
Groessl, Ingrid
Paetz, Michael
- Ereignis
-
Veröffentlichung
- (wer)
-
Hamburg University, Department Economics and Politics
- (wo)
-
Hamburg
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Dullien, Sebastian
- Fritsche, Ulrich
- Groessl, Ingrid
- Paetz, Michael
- Hamburg University, Department Economics and Politics
Entstanden
- 2009
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