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Do institutional changes affect business cycles? Evidence from Europe

Fabio Canova (), Matteo Ciccarelli and Eva Ortega ()

Journal of Economic Dynamics and Control, 2012, vol. 36, issue 10, 1520-1533

Abstract: We study the effects that the Maastricht Treaty, the creation of the ECB, and the Euro changeover had on the dynamics of European business cycles using a panel VAR and data from 10 European countries—seven from the Euro area and three outside of it. There are changes in the features of European business cycles and in the transmission of shocks. They precede the three events of interest and are more linked to a general process of European convergence and synchronization.

Keywords: Business cycles; European Monetary Union; Panel VAR; Structural changes (search for similar items in EconPapers)
JEL-codes: C15 C33 E32 E42 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:36:y:2012:i:10:p:1520-1533

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