Testing Heterogeneity within the Euro Area

17 Pages Posted: 9 Oct 2010

See all articles by Eric Jondeau

Eric Jondeau

University of Lausanne - Faculty of Business and Economics (HEC Lausanne); Swiss Finance Institute; Swiss Finance Institute

Jean-Guillaume Sahuc

Banque de France; Université Paris Ouest - Nanterre, La Défense - EconomiX

Date Written: September 1, 2007

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.

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

JEL Classification: C51, C52, F4

Suggested Citation

Jondeau, Eric and Sahuc, Jean-Guillaume, Testing Heterogeneity within the Euro Area (September 1, 2007). Banque de France Working Paper No. 181, Available at SSRN: https://ssrn.com/abstract=1689430 or http://dx.doi.org/10.2139/ssrn.1689430

Eric Jondeau (Contact Author)

University of Lausanne - Faculty of Business and Economics (HEC Lausanne) ( email )

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HOME PAGE: http://people.unil.ch/ericjondeau/

Swiss Finance Institute ( email )

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Swiss Finance Institute

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Switzerland

Jean-Guillaume Sahuc

Banque de France ( email )

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Université Paris Ouest - Nanterre, La Défense - EconomiX ( email )

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Nanterre cedex, Nanterre Cedex 92000
France

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