Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michèle - European Centre for Advanced Research in Economics and … - 2008
, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area … and US observed developments. The gap between US and euro area GDP per capita level has been 30% on average since 1970 and …This paper shows that the EMU has not affected historical characteristics of member countries’ business cycles and …