Jondeau, Eric (contributor); … - 2007
the conduct of country-specific
policies and may be named policy heterogeneity. It includes monetary policy (until 1999 … heterogeneity. It includes
monetary policy (until 1999), fiscal policy and regulation (e.g. Demertzis and Hugues Hal-
lett, 1998). A …-specific preference, productivity, and monetary policy
shocks, respectively. They are assumed to follow AR(1) processes: ε
ς,t
= ρ
ς
ε
ς …