Business Cycle Regimes in CEECs Production: a Threshold SUR Approach

Nektarios Aslanidis ()

No 2006-01, Bank of Estonia Working Papers from Bank of Estonia

Abstract: The aim of this paper is to study economic activity in CEECs and to look at the transmission of economic activity between the euro area and CEECs. Econometric techniques appropriate for a threshold seemingly unrelated regressions specification are developed to take account of factors that are common to all CEECs. This methodology also allows for asymmetries in the activity of the CEECs governed by the overall euro area activity. The results show slow growth for most CEECs when the euro area economy decelerates, but high growth when the euro area economy grows.

Keywords: threshold SUR; asymmetry; business cycles (search for similar items in EconPapers)
JEL-codes: C50 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec and nep-mac
Date: 2006-10-10, Revised 2006-10-10
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