{"id":112652,"date":"2024-01-22T17:40:47","date_gmt":"2024-01-22T16:40:47","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/112652\/"},"modified":"2025-10-22T21:46:51","modified_gmt":"2025-10-22T19:46:51","slug":"the-short-and-long-run-interdependencies-between-the-eurozone-and-the-usa","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/112652\/","title":{"rendered":"The Short and Long-run Interdependencies Between the Eurozone and the USA"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-112652","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We estimate quarterly cointegrating vector autoregressive models for the Eurozone and the USA based on long-run restrictions derived from a dynamic open economy model. Three long-run relations between the Eurozone and the USA emerge: relative purchasing power parity, international interest parity and a stationary output gap between the two economies. Generalised impulse response functions show differences in the dynamic adjustment of the two economies. Due to the I(1)-characteristic of both output series and the stability conditions imposed by the long-run equilibrium relationships, shocks to the model produce level effects only, while growth rates converge to their long-run averages.","onlinedate":"2009-01-01 01:00:00","lang":"English","publication_series":"","publication_date":"20090101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"36","monthly_report_pages":"209-227","monthly_report_pages_sort":"209","issue":"2","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[4631,3641,4793,3899],"persons_data":"[{\"personId\":4631,\"personName\":\"Paul Gaggl\",\"organisationNames\":[]},{\"personId\":3641,\"personName\":\"Serguei Kaniovski\",\"organisationNames\":[]},{\"personId\":4793,\"personName\":\"Klaus Prettner\",\"organisationNames\":[]},{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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