Paper #1158

Título:

Do institutional changes affect business cycles? Evidence from Europe

Autores:

Fabio Canova, Matteo Ciccarelli y Eva Ortega

Data:

Marzo 2009

Resumen:

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.

Palabras clave:

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

Códigos JEL:

C15, C33, E32, E42

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

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

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