Shocks to New and Old Europe: How Symmetric?

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Series Details Vol.47, No.4, September 2009, p811-830
Publication Date September 2009
ISSN 0021-9886
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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.

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