Do institutional changes affect business cycles? Evidence from Europe

Fabio Canova, Matteo Ciccarelli and Eva Ortega

No 921, Working Papers from Banco de España

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 ten European countries - seven from the Euro area and three outside of it. There are slow changes in the features of business cycles and in the transmission of shocks. Time variations appear to be unrelated to the three events of interest and instead linked to a 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)
Pages: 40 pages
Date: 2009-09
New Economics Papers: this item is included in nep-bec, nep-cba, nep-eec and nep-opm
References: Add references at CitEc
Citations: View citations in EconPapers (18)

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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/09/Fic/dt0921e.pdf First version, September 2009 (application/pdf)

Related works:
Journal Article: Do institutional changes affect business cycles? Evidence from Europe (2012)
Working Paper: Do institutional changes affect business cycles? Evidence from Europe (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0921

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