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Do institutional changes affect business cycles? Evidence from Europe

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Author Info
Fabio Canova () (ICREA-UPF)
Matteo Ciccarelli () (European Central Bank)
Eva Ortega () (Banco de España)
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 ten European countries - seven from the Euro area and three outside of it. There are slow changes in the features of business cycles and in the transmission of shocks. Time variations appear to be unrelated to the three events of interest and instead linked to a process of European convergence and synchronization.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/09/Fic/dt0921e.pdf
File Format: application/pdf
File Function: First version, September 2009
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Publisher Info
Paper provided by Banco de España in its series Banco de España Working Papers with number 0921.

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Length: 40 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:bde:wpaper:0921

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

Find related papers by JEL classification:
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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This page was last updated on 2009-12-10.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.