Ehrmann, Michael; Fratzscher, Marcel; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2005
markets and exchange rates within and between the United States and the euro area. We find that asset prices react strongest … financial markets explain, on average, more than 25% of movements in euro area financial markets, whereas euro area markets … recession, and has most likely changed in recent years: prior to EMU, the paper finds smaller international spillovers. …