Economic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisis

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dc.contributor.authorDoran, Justin
dc.contributor.authorFingleton, Bernard
dc.date.accessioned2016-04-19T16:02:16Z
dc.date.available2016-04-19T16:02:16Z
dc.date.issued2013-06-24
dc.date.updated2015-07-28T09:37:39Z
dc.description.abstractThe 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 characterised 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.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationDORAN, J. & FINGLETON, B. 2014. Economic shocks and growth: Spatio-temporal perspectives on Europe's economies in a time of crisis. Papers in Regional Science, 93, S137-S165. http://dx.doi.org/10.1111/pirs.12048en
dc.identifier.doi10.1111/pirs.12048
dc.identifier.endpageS165en
dc.identifier.issn1056-8190
dc.identifier.issuedSupplement 1en
dc.identifier.journaltitlePapers in Regional Scienceen
dc.identifier.startpageS137en
dc.identifier.urihttps://hdl.handle.net/10468/2461
dc.identifier.volume93en
dc.language.isoenen
dc.publisherWiley, Regional Science Association Internationalen
dc.rights© 2013 The Authors. Papers in Regional Science © 2013 RSAI. This is the peer reviewed version of the following article: Doran, J. and Fingleton, B. (2014), Economic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisis. Papers in Regional Science, 93: S137–S165., which has been published in final form at http://dx.doi.org/10.1111/pirs.12048. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.en
dc.subjectVector error correctionen
dc.subjectEuropean Unionen
dc.subjectEconomic shocksen
dc.subjectCrisisen
dc.subjectVerdoorn lawen
dc.titleEconomic shocks and growth: spatio-temporal perspectives on Europe's economies in a time of crisisen
dc.typeArticle (peer-reviewed)en
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