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Title:
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Do institutional changes affect business cycles? Evidence from Europe
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Author:
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Canova, Fabio; Ciccarelli, Matteo; Ortega, Eva
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Other authors:
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Universitat Pompeu Fabra. Departament d'Economia i Empresa |
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Resum:
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We study the effects that the Maastricht treaty, the creation of the ECB, and the Euro changeover had on the dynamics of European business cycles using a panel VAR and data from ten European countries - seven from the Euro area and three outside of it. There are slow changes in the features of business cycles and in the transmission of shocks. Time variations appear to be unrelated to the three events of interest and instead linked to a process of European convergence and synchronization. |
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Publication date:
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2009-07-09 |
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Subject(s):
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Business cycles, European Monetary Union, Panel VAR, Structural changes |
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Rights:
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Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/) |
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Document type:
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Working Paper |
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