Structural heterogeneity or asymmetric shocks? Poland and the euro area through the lens of a two-country DSGE model
This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the e...
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| Published in | Economic modelling Vol. 26; no. 6; pp. 1245 - 1269 |
|---|---|
| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
01.11.2009
Elsevier Elsevier Science Ltd |
| Series | Economic Modelling |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0264-9993 1873-6122 |
| DOI | 10.1016/j.econmod.2009.06.001 |
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| Abstract | This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the euro area. On the contrary, we find strong evidence for heterogeneity in terms of volatility and synchronization of shocks hitting both economies. Our results may be viewed as a step towards estimating the costs of Poland's entry to the European Monetary Union, associated with giving up the monetary autonomy and losing benefits from stabilizing movements of the exchange rate. |
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| AbstractList | This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the euro area. On the contrary, we find strong evidence for heterogeneity in terms of volatility and synchronization of shocks hitting both economies. Our results may be viewed as a step towards estimating the costs of Poland's entry to the European Monetary Union, associated with giving up the monetary autonomy and losing benefits from stabilizing movements of the exchange rate. All rights reserved, Elsevier This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the euro area. On the contrary, we find strong evidence for heterogeneity in terms of volatility and synchronization of shocks hitting both economies. Our results may be viewed as a step towards estimating the costs of Poland's entry to the European Monetary Union, associated with giving up the monetary autonomy and losing benefits from stabilizing movements of the exchange rate. This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the euro area. On the contrary, we find strong evidence for heterogeneity in terms of volatility and synchronization of shocks hitting both economies. Our results may be viewed as a step towards estimating the costs of Poland's entry to the European Monetary Union, associated with giving up the monetary autonomy and losing benefits from stabilizing movements of the exchange rate. [PUBLICATION ABSTRACT] |
| Author | Kolasa, Marcin |
| Author_xml | – sequence: 1 givenname: Marcin surname: Kolasa fullname: Kolasa, Marcin email: Marcin.Kolasa@nbp.pl organization: National Bank of Poland, Swietokrzyska 11/21, 00-919 Warsaw, Poland |
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| Snippet | This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our... |
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| SubjectTerms | Autonomy Bayesian estimation Bayesian method Correlation analysis Decision making Economic and Monetary Union Economic conditions Economic models Economic shock Euro Euro area Europe European Monetary Union Eurozone Foreign exchange rates General economic equilibrium Heterogeneity Monetary unions Poland Regional disparities Studies Two-country DSGE Two-country DSGE Bayesian estimation Heterogeneity Volatility |
| Title | Structural heterogeneity or asymmetric shocks? Poland and the euro area through the lens of a two-country DSGE model |
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