Enders, Zeno; Jung, Philip; Müller, Gernot J. - University of Bonn, Germany - 2009
In this paper we analyze European business cycles before and under EMU. Across the two periods we ?nd 1) a signi?cant decline in real exchange rate volatility, 2) signi?cant changes in cross-country correlations, and 3) the volatility of macroeconomic fundamentals largely un- changed. We develop...
