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Working Paper Series no. 181: Testing heterogeneity within the euro area

By Jondeau Eric, Sahuc Jean-Guillaume

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Abstract

This note estimates several constrained versions of an optimization-based multi-country model to test the sources of heterogeneity within the euro area. We show that the main source is the asymmetry of shocks affecting the economies and that the heterogeneity of behaviors does not seem to be of empirical relevance for the euro area.

Eric Jondeau and Jean-Guillaume Sahuc
September 2007

Classification JEL : C51, C52, F4.

Keywords : Euro area, heterogeneity, Bayesian econometrics, multi-country model.

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Working Paper Series no. 181: Testing heterogeneity within the euro area
  • Published on 09/01/2007
  • EN
  • PDF (519.51 KB)
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Updated on: 06/12/2018 10:58