Macroeconomic dynamics in four selected New Member States of the EU

Pasquale Foresti, Ugo Marani, Giuseppe Piroli

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.

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Year of publication:	December 2013
Authors:	Foresi, Pasquale ; Marani, Ugo ; Piroli, Giuseppe
Publisher:	Brussels, Belgium : EERI, Economics and Econometrics Research Institute
Subject:	Monetary Union \| Monetary and Fiscal Policies Interaction \| Economic Shocks \| Finanzpolitik \| Fiscal policy \| Schock \| Shock \| Geldpolitik \| Monetary policy \| Eurozone \| Euro area \| EU-Mitgliedschaft \| EU membership \| Währungsunion \| Monetary union \| EU-Staaten \| EU countries

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Extent:	1 Online-Ressource (circa 13 Seiten) Illustrationen
Series:	EERI research paper series. - Brussels : EERI, ISSN 2031-4892, ZDB-ID 2861229-2. - Vol. no 2013/14
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Other identifiers:	hdl:10419/142664 [Handle]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination ; F33 - International Monetary Arrangements and Institutions ; F36 - Financial Aspects of Economic Integration
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011527190