Arbeitspapier
Has the Euro changed the Business Cycle?
In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant decline in real exchange rate volatility, 2) significant changes in cross-country correlations, and 3) the volatility of macroeconomic fundamentals largely unchanged. We develop a two-country business cycle model and show that the calibrated model is able to replicate key features of the data prior to and under EMU.We find that the euro has a strong bearing on the transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and domestic shocks less important in accounting for the (unchanged) volatility of macroeconomic fundamentals.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 162
- Klassifikation
-
Wirtschaft
Open Economy Macroeconomics
International Policy Coordination and Transmission
Business Fluctuations; Cycles
- Thema
-
European business cycles
Euro
Optimum Currency Area
EMU
Monetary Policy
Exchange rate regime
Cross-country spillovers
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Enders, Zeno
Müller, Gernot J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Oesterreichische Nationalbank (OeNB)
- (wo)
-
Vienna
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Enders, Zeno
- Müller, Gernot J.
- Oesterreichische Nationalbank (OeNB)
Entstanden
- 2010
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