Constructing Historical Euro-Zone Data
Economic Journal, 2001, 111, 469, F102-F121
BEYER, Andreas, DOORNIK, Jurgen A., HENDRY, David F., Constructing Historical Euro-Zone Data, Economic Journal, 2001, 111, 469, F102-F121 - http://hdl.handle.net/1814/16917
Retrieved from Cadmus, EUI Research Repository
Existing methods of reconstructing historical Euro-zone data by aggregation of the individual countries' aggregate data raises numerous difficulties, especially due to past exchange rate changes. The approach proposed here is designed to avoid such distortions, and aggregate exactly when exchange rates are fixed. We first compute growth rates within states, aggregate these, then cumulate this Euro-zone growth rate to obtain the aggregated levels variables. The aggregate of the implicit-deflator price index coincides with the implicit deflator of our aggregate nominal and real data. We apply the method to Euro-zone M3, GDP and prices over the previous two decades.
Cadmus permanent link: http://hdl.handle.net/1814/16917
Full-text via DOI: 10.1111/1468-0297.00601
Earlier different version: http://hdl.handle.net/1814/739
Version: The article is a published version of EUI ECO WP; 2000/10
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