This note estimates several constrained versions of an optimization-based multi-country model to test the sources of heterogeneity within the euro area. We show that the main source is the asymmetry of shocks affecting the economies and that the heterogeneity of behaviors does not seem to be of empirical relevance for the euro area.Euro area ; Heterogeneity ; Bayesian econometrics ; Multi-country model.

Jondeau, E.

Sahuc, J-G.

English

Research Papers in Economics

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Testing heterogeneity within the euro area.

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Research Papers in Economics