In this paper we analyze European business cycles before and under EMU. Across the two periods we ?nd 1) a signi … able to replicate key features of the data prior to and under EMU.We ?nd 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 …

The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States …

The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States …

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 …

EMU (except Greece and Turkey) and a rather modest degree of association with the Euro area cycle, although Turkey is … nearest the average of the EMU countries. We further document that there is a tendency for an increase in the degree of … synchronisation with EMU for all Balkan countries. We also note, however, that at the end of the period, the degree of synchronisation …