Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/142664
Authors: 
Foresti, Pasquale
Marani, Ugo
Piroli, Giuseppe
Year of Publication: 
2013
Series/Report no.: 
EERI Research Paper Series 14/2013
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.
Subjects: 
Monetary Union
Monetary and Fiscal Policies Interaction
Economic Shocks
JEL: 
E52
E61
F33
F36
Document Type: 
Working Paper

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