Erratum to “Can information alone change behavior? Response to arsenic contamination of groundwater in Bangladesh” [Journal of Development Economics 84 (2007) 731–754]
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- 作者：Malgosia Madajewicz ; Alex ; er Pfaff ; Alex ; er van Geen ; Joseph Graziano ; Iftikhar Hussein ; Hasina Momotaj ; Roksana Sylvi ; Habibul Ahsan
- 关键词：Asymmetric shocks ; Monetary union ; Factor model
- 刊名：Journal of Development Economics
- 出版年：2008
- 出版时间：February 2008
- 年：2008
- 卷：85
- 期：1-2
- 页码：349
- 全文大小：57 K
文摘
This paper analyzes the economic costs of a monetary union in West Africa by looking at the fluctuations of aggregate demand and aggregate supply shocks across countries. Previous studies have estimated shocks with Vector Auto-Regressive (VAR) models. This paper discusses the limitations of VAR models and applies a new technique based on dynamic factor models. The results show negative and low positive correlations among supply shocks of West African countries, indicating that these countries will find it difficult to adjust to supply shocks if they form a monetary union. However, demand shocks are more similar among the French-speaking countries of the region.