EMU: some unanswered questions



ANNEX 2

Table A.2.1. Comparison at a national level between the proposed indicator and the long-run
response of output in front of a monetary shock obtained by Carlino and DeFina (1998)

% Manufacturing

% Building

Average firm size

Indicator

Carlino-DeFina

Spain

20,80

784

13,79

47,57

2,05

France

20,92

5,47

72,72

-13,60

1,42

Netherlands

18,55

5,48

94,16

-37,41

1,42

Ireland

29,88

5,52

44,71

23,41

2,20

Italy

23,98

5,97

82,64

Tst -τ; md m ... .ʌ. ɪʌ

-19,97

1,43

Source: Own elaboration from Eurostat-Regio (1st and 2nd column); DAISIE Annual industrial survey (NEW

CRONOS) (3rd column) and Carlino and DeFina (1998).

ANNEX 3

Figure A.3.1. Evolution of main macroeconomic variables in Spain from 1985 to 1992 (annual

growth rates, except for interest rates -R-)

Source: Eurostat (GAV) and INE (Consumer Prices Index, Interest Rates and M3).

22



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