Output trends in EC countries and the implications for transition to monetary union

Motivated by the current plan for European monetary unification, we explore the degree of shared (real per capita) output trends among EC countries using Johansen's (1988) maximum likelihood approach for estimating long-run relations in multivariate vector autoregressive models. The evidence is...

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Bibliographic Details
Published in:Economics letters 1992-10, Vol.40 (2), p.211-216
Main Authors: Serletis, Apostolos, Krichel, Thomas
Format: Article
Language:English
Subjects:
European Communities
Monetary unions
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Summary:Motivated by the current plan for European monetary unification, we explore the degree of shared (real per capita) output trends among EC countries using Johansen's (1988) maximum likelihood approach for estimating long-run relations in multivariate vector autoregressive models. The evidence is interpreted in favor of the current plan for European economic and monetary union.
ISSN:0165-1765
1873-7374
DOI:10.1016/0165-1765(92)90226-O