Replication files for Does a Currency Union Need a Capital Market Union?
Replication files for Does a Currency Union Need a Capital Market Union?, by Joseba Martinez, Thomas Philippon and Markus Sihvonen
Steps to reproduce
This folder contains the Dynare codes for replicating the figures and numerical calculations in the paper. Folder IRFs contains codes for generating the impulse response figures in the paper. It is split to four subfolders. Folder Alphashock contains codes for the effects of quality shocks. Folder Deleveraging holds the codes for the impulse responses for deleveraging shocks in the main model with a continuum of countries. Folder Deleveraging2Country contains codes for deleveraging shocks in a two country model. Finally, forder GovernmentSpending holds the codes for government spending shocks. Within the subfolders, the main files are named Figure X, based on the number of the figure in the main text that the code generates. Folder WelfareGains contains the codes for calculating numerical welfare gains. Subfolder MMU holds the codes for the Money Market Union. The main file is MMUGains. Subfolder CMU contains the codes for the Capital Market Union, here the main file is CMUGains.