Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/226819 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1907
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
Modern OCA theory has developed different conclusions on when forming a currency union is beneficial. An important pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area countries? An SVAR analysis reveals that monetary stress has declined more in the euro area than in the euro areas' doppelganger. The synthetic doppelganger is composed of other OECD countries. This result is independent of the identification strategy (sign restrictions/heteroskedasticity/Cholesky). The results can be rationalized by more formalized central banking and the euro becoming a dominant currency.
Schlagwörter: 
Economic and Monetary Union
ECB
euro area
structural vector autoregressions
monetary policy stress
sign restrictions
heteroskedasticity
dominant currency
JEL: 
C32
E42
E52
F45
Dokumentart: 
Working Paper

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