Paper #1158

Títol:

Do institutional changes affect business cycles? Evidence from Europe

Autors:

Fabio Canova, Matteo Ciccarelli i Eva Ortega

Data:

Març 2009

Resum:

We study the effects that the Maastricht treaty, the creation of the ECB, and the Euro changeover had on the dynamics of European business cycles using a panel VAR and data from ten European countries - seven from the Euro area and three outside of it. There are changes in the features of European business cycles and in the transmission of shocks. They precede the three events of interest and are more linked to a general process of European convergence and synchronization.

Paraules clau:

Business cycles, European Monetary Union, Panel VAR, Structural changes.

Codis JEL:

C15, C33, E32, E42

Àrea de Recerca:

Macroeconomia i Economia Internacional

Publicat a:

Journal of Economic Dynamics and Control, 36, 1520-1533, 2012

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