Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2009
their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced …, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area …This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and …