| Titre | Une nouvelle évaluation empirique des coûts de l'Union monétaire européenne | |
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| Auteur | Jacques Mélitz, Hélène Erkel-Rousse | |
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Revue | Economie et prévision |
| Numéro | no 128, 1997/2 L'intégration européenne : nouveaux enjeux | |
| Rubrique / Thématique | L'intégration européenne : nouveaux enjeux |
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| Page | 21-39 | |
| Résumé anglais |
A New Empirical Evaluation of the Costs of European Monetary Union by Hélène Erkel-Rousse and Jacques Mélitz
This paper presents an evaluation of the costs of European Monetary Union (EMU) using the structural VAR approach. This approach is based on a model identifying structural shocks sustained by the European Union member states and bringing into play a set of long-run constraints in the tradition of those proposed by the pioneering Blanchard and Quah article (1989). We apply this method to all member states for which data are available, i.e. Germany, Spain, France, Italy, the Netherlands and the United Kingdom. Our contribution here is primarily methodological, taking traditional considerations regarding the degree of shock asymmetry among member states a step further. We endeavour in particular to isolate an exchange rate shock and evaluate its short-run impact on prices and volumes for each country studied. In this way, we seek to evaluate the extent of the sacrifice made by any member state that abandons its sovereignty over monetary policy. Similarly, we attempt to isolate a domestic demand shock to measure the possible advantages to member states of having an independent fiscal policy within EMU. The degree of shock asymmetry affecting the member states of a monetary union is obviously one of the questions raised, but is not the only one. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1997_num_128_2_5847 |
