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Do institutional changes affect business cycles? Evidence from Europe

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  • Canova, Fabio
  • Ciccarelli, Matteo
  • Ortega, Eva

Abstract

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 10 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.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 36 (2012)
Issue (Month): 10 ()
Pages: 1520-1533

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Handle: RePEc:eee:dyncon:v:36:y:2012:i:10:p:1520-1533

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Web page: http://www.elsevier.com/locate/jedc

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Keywords: Business cycles; European Monetary Union; Panel VAR; Structural changes;

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  1. Institutions do not affect the business cycle
    by Economic Logician in Economic Logic on 2009-06-22 08:07:00
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