Erkel-Rousse, Hélène; Melitz, Jacques - C.E.P.R. Discussion Papers - 1995
-run identifying scheme pioneered by Blanchard and Quah and extended by others. We then apply the approach to as many EU members as … EU member would suffer from the surrender of independent monetary policy. Similarly, we try to identify a separate shock … to home absorption in order to see how much profit each EU member would have in preserving their fiscal policy …