Macroeconomic Dynamics in Four Selected New Member States of the EU

Pasquale Foresti, Ugo Marani and Giuseppe Piroli

EERI Research Paper Series from Economics and Econometrics Research Institute (EERI), Brussels

Abstract: In this paper, we employ a block structured near-vector autoregression in order to compare the reactions to euro-area shocks in four New Member States (Bulgaria, Hungary, Czech Republic and Romania) and in the Old Member State of the EU. Thanks to the methodology adopted we also study the effects of national economic policies and their reactions to national shocks in each New Member State. Our analysis highlights that possible asymmetric effects of the ECB's monetary policy cannot be excluded and that the potential accession of the New Member States may increase the level of fiscal indiscipline in the eurozone.

Keywords: Monetary Union; Monetary and Fiscal Policies Interaction; Economic Shocks. (search for similar items in EconPapers)
JEL-codes: E52 E61 F33 F36 (search for similar items in EconPapers)
Date: 2013-12-14
New Economics Papers: this item is included in nep-eec, nep-mac and nep-tra
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http://www.eeri.eu/documents/wp/EERI_RP_2013_14.pdf (application/pdf)

Related works:
Journal Article: Macroeconomic dynamics in four selected new member states of the EU (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eei:rpaper:eeri_rp_2013_14

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