Regional Asymmetric Reactions to Shocks in EMU: an Assessment of Different Approaches

Fabio Mazzola, Gioacchino Fazio and Iolanda Cascio
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Fabio Mazzola: University of Palermo
Gioacchino Fazio: University of Palermo
Iolanda Cascio: University of Palermo

Chapter 5 in Regional Convergence in the European Union, 2002, pp 95-120 from Springer

Abstract: Abstract In recent years there has been an increasing research effort in estimating regional asymmetric shocks and assessing their importance within the European Monetary Union (EMU). In this chapter we offer an evaluation of the different approaches by distinguishing them according to methodological underpinnings, variables used and pitfalls and potential extensions of the analysis. The structure of this contribution is the following. In section 2 we discuss the relative importance of asymmetric shocks and the main problems connected with their measurement. In section 3 we focus on the explanatory variables which are assumed to determine the asymmetric reaction to shocks and distinguish between sectoral and regional effects. In section 4 we review some of the models that have explicitly measured regional effects within a multivariate econometric context. In section 5 we evaluate the potential offered by alternative frameworks in dealing with the relative shortcomings of the different approaches. Final comments are left to section 6.

Keywords: Interest Rate; Monetary Policy; European Central Bank; Impulse Response Function; European Monetary Union (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:spr:adspcp:978-3-662-04788-0_5

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DOI: 10.1007/978-3-662-04788-0_5

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