Oxford economic papers, 2012-04, Vol.64 (2), p.217-236
2012
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Details
- Autor(en) / Beteiligte
- Titel
- Measuring coherence of output gaps with an application to the euro area
- Ist Teil von
- Oxford economic papers, 2012-04, Vol.64 (2), p.217-236
- Ort / Verlag
- Oxford: Oxford University Press
- Erscheinungsjahr
- 2012
- Quelle
- Oxford Journals 2020 Social Sciences
- Beschreibungen/Notizen
- If output gaps in a currency union are not sufficiently coherent, the common monetary policy will not be optimal for all countries or regions in the union. It is common practice to measure coherence of output gaps by a correlation coefficient. We propose new measures of output gap coherence, which take differences in the signs and/or amplitudes of the output gaps more adequately into account than the correlation coefficient. We apply these measures to the euro area, using the US as a benchmark. We also examine how sensitive our findings are to different ways of calculating the output gaps.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 0030-7653eISSN: 1464-3812DOI: 10.1093/oep/gpr049Titel-ID: cdi_proquest_miscellaneous_1027673872
- Format
- –
- Schlagworte
- Coefficient of correlation, Correlation coefficients, Countries, Economic fluctuations, Economic models, Economic theory, Euro, Euro Zone, Europe, European monetary union, Eurozone, Gross domestic product, International monetary policy, Monetary policy, Monetary unions, Output, Output gap, Output gaps, Production, Studies, Synchronicity, Time series, U.S.A, Western Europe