Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michèle - European Centre for Advanced Research in Economics and … - 2008
This paper shows that the EMU has not affected historical characteristics of member countries’ business cycles and … similar business cycles since then and no significant change associated with the EMU can be detected. For the other countries …, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area …