Shocks to New and Old Europe: How Symmetric?

Peter Mikek

Journal of Common Market Studies, 2009, vol. 47, issue 4, 811-830

Abstract: Strong symmetry of shocks allows for the formation of a monetary union with low costs due to losing monetary sovereignty. I employ vector autoregression to identify structural shocks and study their symmetry through time. I find that the underlying structural shocks have not changed significantly and remain rather asymmetric, particularly demand shocks.

Date: 2009
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