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Similarity of supply and demand shocks between the euro area and the accession countries

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  • Fidrmuc, Jarko
  • Korhonen, Iikka

Abstract

We assess the correlation of supply and demand shocks between the euro area, the EU accession countries and also the present EU countries.Shocks are recovered from estimated structural vector autoregressive models.We find that some advanced accession countries have quite high correlation with the euro area.However, even for many high income accession countries the degree of correlation remains low.Also, in the 90s many EU countries seemed to have much higher correlation with the core euro area countries than in previous decades.Continuing integration within the EU seems to have aligned business cycles of the countries as well.

Suggested Citation

  • Fidrmuc, Jarko & Korhonen, Iikka, 2001. "Similarity of supply and demand shocks between the euro area and the accession countries," BOFIT Discussion Papers 14/2001, Bank of Finland Institute for Emerging Economies (BOFIT).
    • Handle: RePEc:zbw:bofitp:bdp2001_014
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    Cited by:

    1. Jerome Creel & Jacques Le Cacheux, 2003. "Inflation divergence and public deficits in a monetary union," Documents de Travail de l'OFCE 2003-05, Observatoire Francais des Conjonctures Economiques (OFCE).

    More about this item

    Keywords

    optimal currency area; monetary union; EU enlargement;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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