G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9233
DP9233 Has the Euro changed the Business Cycle?
Gernot Müller; Zeno Enders
发表日期2012-11-25
出版年2012
语种英语
摘要In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has systematically changed the European business cycle. In fact, we find the volatility of macroeconomic variables largely unchanged before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a considerable increase in cross-country correlations. To account for this finding, we develop a two-country business cycle model which is able to replicate key features of European data. In particular, the model correctly predicts a limited effect of EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the cycle through its impact on the transmission mechanism. Cross-country spillovers have become relatively more, domestic shocks relatively less important in accounting for economic fluctuations under EMU. This explains why there is little change in unconditional volatilities.
主题International Macroeconomics
关键词European business cycles Euro Optimum currency area Emu monetary policy Exchange rate regime Cross-country spillovers
URLhttps://cepr.org/publications/dp9233
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538067
推荐引用方式
GB/T 7714
Gernot Müller,Zeno Enders. DP9233 Has the Euro changed the Business Cycle?. 2012.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Gernot Müller]的文章
[Zeno Enders]的文章
百度学术
百度学术中相似的文章
[Gernot Müller]的文章
[Zeno Enders]的文章
必应学术
必应学术中相似的文章
[Gernot Müller]的文章
[Zeno Enders]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。