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Do institutional changes affect business cycles? Evidence from Europe

  • Fabio Canova
  • Matteo Ciccarelli
  • Eva Ortega

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.

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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1158.

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Date of creation: Mar 2009
Date of revision: Apr 2012
Handle: RePEc:upf:upfgen:1158
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