Edited by Gillian Bristow and Adrian Healy
Chapter 14: Resilience in regional business cycles across the Benelux
Focusing on NUTS2 regions of the Benelux area, we develop a methodology for measuring resilience in regional business cycles. We focus on the relative ability of regions to absorb business cycle shocks (recoverability) and their ability to isolate themselves from external disturbances (resistance). Based on Bayesian estimations of regional dynamic stochastic general equilibrium (DSGE) models, we focus upon output variability around its natural level. After estimating region-specific models by building counterfactual DSGE reference models, we disentangle the capacities for recovery and resistance in each region within the Benelux over the period 1981_2015. The results reveal very different capacities across the regions and highlight the significance of policy decisions taken in the aftermath of previous crises. We conclude by considering the implications for policy makers in the design of convergence policies and also raise methodological questions for further research.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.