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Asymmetric Shocks Inside Future EMU

Michel Beine () and Alain Hecq ()

Journal of Economic Integration, 1997, vol. 12, 131-140

Abstract: In this paper, we focus on the issue of shocks asymmetries in the future Euro - pean Monetary Union. Relying on the technique of codependence developed by Gouriéroux and Peaucelle [1989, 1993], we propose a new method which, unlike the analysis of Bayoumi and Eichengreen [1992], does not require any arbitrary restrictions. As a whole, our results support the idea of a two-speed Europe.

Keywords: Asymmetric; Shocks (search for similar items in EconPapers)
JEL-codes: C22 F33 F42 (search for similar items in EconPapers)
Date: 1997
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