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dc.contributor.authorEnders, Zenoen
dc.contributor.authorJung, Philipen
dc.contributor.authorMüller, Gernot J.en
dc.date.accessioned2009-06-30-
dc.date.accessioned2010-07-29T10:08:59Z-
dc.date.available2010-07-29T10:08:59Z-
dc.date.issued2009-
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 ?nd 1) a signi?cant decline in real exchange rate volatility, 2) signi?cant changes in cross-country correlations, and 3) the volatility of macroeconomic fundamentals largely un- changed. 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 ?nd 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
dc.language.isoengen
dc.publisher|aUniversity of Bonn, Bonn Graduate School of Economics (BGSE) |cBonnen
dc.relation.ispartofseries|aBonn Econ Discussion Papers |x6/2009en
dc.subject.jelF41en
dc.subject.jelF42en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordEuropean business cyclesen
dc.subject.keywordEuroen
dc.subject.keywordOptimum Currency Areaen
dc.subject.keywordEMUen
dc.subject.keywordMonetary Policyen
dc.subject.keywordExchange rate regimeen
dc.subject.keywordCross-country spilloversen
dc.subject.stwKonjunkturen
dc.subject.stwVolatilitäten
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwKonjunkturzusammenhangen
dc.subject.stwSchocken
dc.subject.stwSpillover-Effekten
dc.subject.stwEU-Staatenen
dc.titleHas the Euro changed the Business Cycle?-
dc.type|aWorking Paperen
dc.identifier.ppn603371981en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bonedp:62009-

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