The two-dimensional circular structure model by Kauermann, Teuber, and Flaschel (2011) will be extended to estimate more than two time series simultaneously. It will be assumed that the multivariate time series follow a cycle over the time. However, the radius and the angle are allowed to...

This paper analyzes how adoption of the euro would affect the volatility of output and inflation in the presence of asymmetric shocks. In addition, we investigate whether changes in the objective function of the ECB, or more or less active fiscal policy, can decrease losses entailed by EA...