IRIS publication 211915190
Economic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisis
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TY - JOUR - Doran, J. and B. Fingleton - 2014 - November - Papers in Regional Science - Economic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisis - Published - () - 93 - S1 - 137 - 165 - The response by regional and national economies to exogenous impulses has a well-established literature in both spatial econometrics and in mainstream econometrics and is of considerable importance given the post-2007 economic crisis, which is characterized by a period of severe global instability resulting from unprecedented economic shocks. This paper focuses on dynamic counterfactual predictions and impulse-response functions derived from appropriate econometric models. These provide insight regarding the question of whether responses to economic shocks are transitory or whether they have a permanent effect. Analysis shows that output shocks have had permanent effects on productivity so that economies have tended not to return to the pre-shock path but rather adjust to new levels. This suggests that the current recession will be embodied permanently within the memory of some of Europe's leading economies as a hysteretic effect. - http://onlinelibrary.wiley.com/doi/10.1111/pirs.12048/abstract DA - 2014/11 ER -
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@article{V211915190, = {Doran, J. and B. Fingleton}, = {2014}, = {November}, = {Papers in Regional Science}, = {Economic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisis}, = {Published}, = {()}, = {93}, = {S1}, pages = {137--165}, = {{The response by regional and national economies to exogenous impulses has a well-established literature in both spatial econometrics and in mainstream econometrics and is of considerable importance given the post-2007 economic crisis, which is characterized by a period of severe global instability resulting from unprecedented economic shocks. This paper focuses on dynamic counterfactual predictions and impulse-response functions derived from appropriate econometric models. These provide insight regarding the question of whether responses to economic shocks are transitory or whether they have a permanent effect. Analysis shows that output shocks have had permanent effects on productivity so that economies have tended not to return to the pre-shock path but rather adjust to new levels. This suggests that the current recession will be embodied permanently within the memory of some of Europe's leading economies as a hysteretic effect.}}, = {http://onlinelibrary.wiley.com/doi/10.1111/pirs.12048/abstract}, source = {IRIS} }
Data as stored in IRIS
AUTHORS | Doran, J. and B. Fingleton | ||
YEAR | 2014 | ||
MONTH | November | ||
JOURNAL_CODE | Papers in Regional Science | ||
TITLE | Economic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisis | ||
STATUS | Published | ||
TIMES_CITED | () | ||
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VOLUME | 93 | ||
ISSUE | S1 | ||
START_PAGE | 137 | ||
END_PAGE | 165 | ||
ABSTRACT | The response by regional and national economies to exogenous impulses has a well-established literature in both spatial econometrics and in mainstream econometrics and is of considerable importance given the post-2007 economic crisis, which is characterized by a period of severe global instability resulting from unprecedented economic shocks. This paper focuses on dynamic counterfactual predictions and impulse-response functions derived from appropriate econometric models. These provide insight regarding the question of whether responses to economic shocks are transitory or whether they have a permanent effect. Analysis shows that output shocks have had permanent effects on productivity so that economies have tended not to return to the pre-shock path but rather adjust to new levels. This suggests that the current recession will be embodied permanently within the memory of some of Europe's leading economies as a hysteretic effect. | ||
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URL | http://onlinelibrary.wiley.com/doi/10.1111/pirs.12048/abstract | ||
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