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Has the Euro changed the business cycle?

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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...

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Bibliographic Details
Main Authors: Enders, Zeno (Author) , Jung, Philip (Author) , Müller, Gernot J. (Author)
Format: Book/Monograph Working Paper
Language:English
Published: Bonn Graduate School of Economics June 2009
Series:Bonn econ discussion papers 2009,06
In: Bonn Econ Discussion Papers (2009,06)

Subjects:
Arbeitspapier
Graue Literatur
Online Access:Verlag, Volltext: http://www.bgse.uni-bonn.de/bonn-econ-papers-1/archive/2009/zeno-enders-philip-jung-and-gernot-j.-muller-has-the-euro-changed-the-business-cycle-no.-6-2009
Download aus dem Internet, Stand 30.06.2009, Volltext: http://hdl.handle.net/10419/37040
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Author Notes:by Zeno Enders, Philip Jung and Gernot J. Müller

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520 |a 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. -- European business cycles ; Euro ; Optimum Currency Area ; EMU ; Monetary Policy ; Exchange rate regime ; Cross-country spillovers 
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