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dc.contributor.authorEnders, Zenoen_US
dc.contributor.authorJung, Philipen_US
dc.contributor.authorMüller, Gernot J.en_US
dc.date.accessioned2009-06-30en_US
dc.date.accessioned2010-07-29T10:08:59Z-
dc.date.available2010-07-29T10:08:59Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/37040-
dc.description.abstractIn 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.en_US
dc.language.isoengen_US
dc.publisherGraduate School of Economics Bonnen_US
dc.relation.ispartofseriesBonn econ discussion papers 2009,6en_US
dc.subject.jelF41en_US
dc.subject.jelF42en_US
dc.subject.jelE32en_US
dc.subject.ddc330en_US
dc.subject.keywordEuropean business cyclesen_US
dc.subject.keywordEuroen_US
dc.subject.keywordOptimum Currency Areaen_US
dc.subject.keywordEMUen_US
dc.subject.keywordMonetary Policyen_US
dc.subject.keywordExchange rate regimeen_US
dc.subject.keywordCross-country spilloversen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwKonjunkturzusammenhangen_US
dc.subject.stwSchocken_US
dc.subject.stwSpillover-Effekten_US
dc.subject.stwEU-Staatenen_US
dc.titleHas the euro changed the business cycle?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn603371981en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn

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