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assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent … quantity during estimation. Only a limited number of contributions to the literature estimate uncertainty and its macroeconomic … consequences jointly, and most are based on single country models. We analyze the special case of a shock restricted to the Euro …
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The paper assesses the impact of adding information on financial cycles on the output gap estimates for eight advanced economies using two unobserved components models: a reduced form extended Hodrick-Prescott filter, and a standard semi-structural unobserved components model. To complement...
Persistent link: https://www.econbiz.de/10012320331
The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States (DE, FR, IT, ES). We compare the response of the four countries to identical shocks and find a particularly strong response of employment and wages in ES, a high sensitivity of...
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