Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012
EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has … before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a …