Verhoef, Bastiaan A. - de Nederlandsche Bank - 2003
A disadvantage of EMU is the lack of national monetary policy to absorb country-specific shocks. The seriousness of … shocks within EMU. Previous empirical research on the asymmetry of shocks mainly focused on correlation coefficients between … shocks in the EMU. The aim of this paper is to analyse empirically whether shocks in EMU became more or less symmetric. By …