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Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Working Paper No. 162
Verlag: 
Oesterreichische Nationalbank (OeNB), Vienna
Zusammenfassung: 
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.
Schlagwörter: 
European business cycles
Euro
Optimum Currency Area
EMU
Monetary Policy
Exchange rate regime
Cross-country spillovers
JEL: 
F41
F42
E32
Dokumentart: 
Working Paper

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