The dynamics of core and periphery in the European monetary union: A new approach
提出新的理论驱动、连续且动态的指标来度量国家属于核心或外围的概率，估计其决定因素，并利用Phillips-Sul收敛面板框架研究核心与外围群体的行为变化。
Despite numerous studies about core-periphery in monetary unions, few focus on their dynamics. This paper (i) presents new theory-based, continuous and dynamic measures of the probability of a country being classified as core or periphery; (ii) estimates the determinants of the changes in this probability over time and across countries; and (iii) uses the Phillips-Sul convergence panel framework to investigate the behaviour of core and periphery groups over time. Our main results indicate that the post-EMU decrease of the core-periphery gap that we document was mainly driven by the adoption of the euro and by increasing competition (lower mark-ups).