Different Measures of Volatility: The Hypothesis of Output Composition in Portugal

Czasopismo

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• Autorzy: José Alberto Fuinhas , Marques António Cardoso
• Języki publikacji: EN

Abstrakty

EN

This paper focuses on analyzing the impact of the consequences of monetary union on GDP volatility in Portugal. Using quarterly data from 1978:01 to 2009:04, we test the output composition effect and the correlation effect through three alternative approaches of volatility: year on year, quarter on quarter and the value of output gap. Results support the presence of the composition effect. Overall, the average covariance has played a relevant role in lowering volatility. Evidence also indicates that there is a regime shift near the years 1992-3, while both European Union membership and participation in the euro area contribute towards smoothing the economy. The decreasing path of volatility was slightly reversed after the country became a euro area member.(original abstract)

Słowa kluczowe

EN

Economic and Monetary Union (EMU); Gross domestic product (GDP); Variability; Eurozone; Correlation

PL

Unia Gospodarcza i Walutowa (UGW); Produkt krajowy brutto (PKB); Zmienność; Strefa euro; Korelacja

• Czasopismo: ---
• Strony: 37--63

Twórcy

autor

José Alberto Fuinhas

• University of Beira Interior, Portugal

autor

Marques António Cardoso

• University of Beira Interior, Portugal

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