Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/203548
Authors: 
Giovannini, Massimo
Hohberger, Stefan
Ratto, Marco
Vogel, Lukas
Year of Publication: 
2019
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2019: 30 Jahre Mauerfall - Demokratie und Marktwirtschaft - Session: Open Economy Macroeconomics No. G03-V2
Abstract: 
The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States (DE, FR, IT, ES). We compare the response of the four countries to identical shocks and find a particularly strong response of employment and wages in ES, a high sensitivity of IT to investment-related shocks, and a comparatively strong impact of global shocks on the DE economy. We also perform counterfactual exercises that apply the estimated shocks and parameters for ES to DE, FR, and IT. The counterfactual simulations suggest that differences in shocks have been important for GDP growth differentials, and together with structural differences also contributed to differences in employment fluctuations across the four countries considered.
Subjects: 
Estimated DSGE
adjustment dynamics
business cycles
EMU
counterfactuals
JEL: 
E32
F41
F44
F45
Document Type: 
Conference Paper

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