Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/229073 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECB Working Paper No. 2459
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper quantifies the economic influence that shocks to EMU cohesion, which in turn reflect the incomplete nature of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion shocks based on a combination of sign, magnitude and narrative restrictions in a daily Structural Vector Autoregression (VAR) model with financial variables. We find that the effects of euro area stress shocks are significant not only for the euro area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A decrease in euro area stress has somewhat more widespread beneficial effects on both economic performance and global trade activity.
Schlagwörter: 
Economic and Monetary Union
Bayesian SVAR
narrative sign restrictions
panel local projections
JEL: 
C23
C32
F02
F33
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4376-5
Dokumentart: 
Working Paper

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