Avaliação empírica da semelhança de choques e simetria na flutuação econômica na Zona do Euro: uma análise utilizando um modelo FAVAR

Abstract

This paper aims at analyzing the similarities of the responses of countries in the Eurozone to shocks in the monetary policy and exchange rate policy and to investigate the symmetry of fluctuations in the level of activity by analyzing the relative importance of the response of GDP growth in these countries to common and specific shocks identified by a FAVAR model. The importance of the common shocks provides a measure of the degree of integration of several members of the Eurozone. The results show the existence of greater integration among the major economies of the Eurozone and lesser integration among the small economies.