Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/129530
Authors: 
Trenkler, Carsten
Weber, Enzo
Year of Publication: 
2012
Series/Report no.: 
Working Paper Series, Department of Economics, University of Mannheim 12-11
Abstract: 
This paper investigates which shocks drive asynchrony of business cycles in the euro area. Thereby, it unites two strands of literature, those on common features and on structural VAR analysis. In particular, we show that the presence of a common cycle implies collinearity of structural impulse responses. Several Wald tests are applied to the latter hypothesis. Results reveal that differences in the GDP dynamics in several peripheral countries compared to a euro zone core are triggered by idiosyncratic, and to a lesser extent also world, shocks. Additionally, real shocks prove relevant rather than nominal ones.
Subjects: 
Common cycles
euro area
impulse responses
structural VAR
Wald tes
JEL: 
C32
E32
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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