Endogenous Optimum Currency Areas and the Blend of Sectors – On the Determinants of Business Cycle Correlation across European Regions
Endogenous Optimum Currency Areas and the Blend of Sectors – On the Determinants of Business Cycle Correlation across European Regions
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DOI：
10.11130/jei.2007.22.1.26
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发表时间：
2007-03
影响因子：
1.2
通讯作者：
A. Belke
中科院分区：
文献类型：
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作者：
A. Belke
本文研究了欧盟区域就业周期的相关程度，并试图表明这些周期是否反映了专业化模式的变化。通过关注区域层面并采用三个不同的部门结构相似性指标，它改进了现有研究。动态面板数据模型是通过组内（即通过标准固定效应估计器）估计区域对的。我们特别关注捕捉就业数据典型的丰富动态。主要发现是，当地区的部门结构相似时，就业增长更加同步。实证结果再次凸显了欧元区内不常见地区的共同货币政策问题。
This paper examines the degree of correlation of EU regional employment cycles and attempts to show whether these cycles reflect changing patterns of specialisation. By focusing on the regional level and by employing three different indicators of similarity of sectoral structure, it improves on existing studies. A dynamic panel data model is estimated for region pairs by within groups, i.e., by a standard fixed effects estimator. Special attention is paid to capture the rich dynamics which is typical of employment data. The key finding is that employment growth is more synchronised when regions look alike in their sectoral structure. The empirical results again highlight the problem of a common monetary policy for uncommon regions within the euro zone.