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Do institutional changes affect business cycles? Evidence from Europe

  • Fabio Canova

    ()

    (ICREA-UPF)

  • Matteo Ciccarelli

    ()

    (European Central Bank)

  • Eva Ortega

    ()

    (Banco de España)

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/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/09/Fic/dt0921e.pdf
File Function: First version, September 2009
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Paper provided by Banco de España & Working Papers Homepage in its series Working Papers with number 0921.

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