Enders, Zeno; Jung, Philip; Müller, Gernot J. - 2009
In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant … macroeconomic fundamentals largely unchanged. We develop a two-country business cycle model and show that the calibrated model is … domestic shocks less important in accounting for the (unchanged) volatility of macroeconomic fundamentals. -- European business …