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Common Macroeconomic Shocks and Business Cycle Fluctuations in Euro Area Countries

Antonella Cavallo () and Antonio Ribba ()

Center for Economic Research (RECent) from University of Modena and Reggio E., Dept. of Economics "Marco Biagi"

Abstract: This paper investigates the dynamic effects of common macroeconomic shocks in shaping business cycle fluctuations in a group of Euro-area countries. In particular, by using the structural (near)VAR methodology, we investigate the effect of area-wide shocks, with particular attention to monetary policy shocks. The main conclusion is that: (a) contractionary monetary policy shocks cause similar recessionary effects in all countries; (b) as far as business cycle fluctuations are concerned, there is a separation into two distinct groups of countries, with a first group including the biggest European economies in which business cycle fluctuations are mainly explained by common, area-wide shocks and a second one, including Greece, Ireland and Portugal, in which the national shocks play, instead, a much greater role

Keywords: Business Cycle Fluctuations; Euro area; Common Shocks; Near-Structural VARs. (search for similar items in EconPapers)
JEL-codes: C32 E31 (search for similar items in EconPapers)
Pages: pages 23
Date: 2014-09
New Economics Papers: this item is included in nep-eec, nep-mac and nep-opm
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Citations: View citations in EconPapers (3)

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Journal Article: Common macroeconomic shocks and business cycle fluctuations in Euro area countries (2015) Downloads
Working Paper: Common Macroeconomic Shocks and Business Cycle Fluctuations in Euro Area Countries (2014) Downloads
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