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The euro crisis and Swedish GDP growth – a study of spillovers
National Institute of Economic Research, Stockholm, Sweden.ORCID iD: 0000-0002-4840-7649
National Institute of Economic Research, Stockholm, Sweden.
2014 (English)In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 21, no 16, p. 1105-1110Article in journal (Refereed) Published
Abstract [en]

In this article, a Bayesian VAR model is used to study the effects of euro area shocks on GDP growth in the small open economy of Sweden. A novel feature is that the new policy uncertainty index of Baker et al. (2013) is introduced in the model. The model behaves well in terms of reasonable impulse response functions. The specific effects of the euro crisis is investigated through a historical decomposition which shows that shocks to euro area GDP growth have been a reasonably important factor for Swedish GDP growth, supporting it during 2010 and holding it back thereafter. Generally, shocks to policy uncertainty have held back Swedish GDP growth during the euro crises.

Place, publisher, year, edition, pages
Taylor & Francis, 2014. Vol. 21, no 16, p. 1105-1110
Keywords [en]
C32; F43; historical decomposition; policy uncertainty index; Bayesian VAR; small open economy
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:oru:diva-61620DOI: 10.1080/13504851.2014.912028ISI: 000344527400001Scopus ID: 2-s2.0-84927173916OAI: oai:DiVA.org:oru-61620DiVA, id: diva2:1150105
Available from: 2017-10-17 Created: 2017-10-17 Last updated: 2017-10-19Bibliographically approved

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Österholm, Pär

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