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Modelling large open economies with international linkages: The usa and euro area

Dungey, Mardi; Osborn, Denise Rae


Empirical modelling of the linkages between the euro area and the USA requires an open economy framework. The methodology proposed in this paper achieves identification of a structural vector error correction model by supplementing restrictions from economic theory with assumptions for the direction of causality in cross-country contemporaneous relationships. Our baseline model assumes contemporaneous causality runs from the USA to the euro area for both output and inflation, with monetary...[Show more]

CollectionsANU Research Publications
Date published: 2013
Type: Journal article
Source: Journal of Applied Econometrics
DOI: 10.1002/jae.2323


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