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https://hdl.handle.net/10419/37040
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Enders, Zeno | en |
dc.contributor.author | Jung, Philip | en |
dc.contributor.author | Müller, Gernot J. | en |
dc.date.accessioned | 2009-06-30 | - |
dc.date.accessioned | 2010-07-29T10:08:59Z | - |
dc.date.available | 2010-07-29T10:08:59Z | - |
dc.date.issued | 2009 | - |
dc.identifier.uri | http://hdl.handle.net/10419/37040 | - |
dc.description.abstract | In 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.iso | eng | en |
dc.publisher | |aUniversity of Bonn, Bonn Graduate School of Economics (BGSE) |cBonn | en |
dc.relation.ispartofseries | |aBonn Econ Discussion Papers |x6/2009 | en |
dc.subject.jel | F41 | en |
dc.subject.jel | F42 | en |
dc.subject.jel | E32 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | European business cycles | en |
dc.subject.keyword | Euro | en |
dc.subject.keyword | Optimum Currency Area | en |
dc.subject.keyword | EMU | en |
dc.subject.keyword | Monetary Policy | en |
dc.subject.keyword | Exchange rate regime | en |
dc.subject.keyword | Cross-country spillovers | en |
dc.subject.stw | Konjunktur | en |
dc.subject.stw | Volatilität | en |
dc.subject.stw | Europäische Wirtschafts- und Währungsunion | en |
dc.subject.stw | Konjunkturzusammenhang | en |
dc.subject.stw | Schock | en |
dc.subject.stw | Spillover-Effekt | en |
dc.subject.stw | EU-Staaten | en |
dc.title | Has the Euro changed the Business Cycle? | - |
dc.type | |aWorking Paper | en |
dc.identifier.ppn | 603371981 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:bonedp:62009 | - |
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