Enders, Zeno; Müller, Gernot J. - Oesterreichische Nationalbank - 2010
In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant … able to replicate key features of the data prior to and under EMU.We find that the euro has a strong bearing on the … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …