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Oil Shocks and the Euro as an Optimum Currency Area

Luís Aguiar-Conraria (), Teresa Maria Rodrigues () and Maria Joana Soares ()
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Teresa Maria Rodrigues: University of Minho
Maria Joana Soares: Universidade do Minho

No 01/2013, NIPE Working Papers from NIPE - Universidade do Minho

Abstract: We use wavelet analysis to study the impact of the Euro adoption on the oil price macroeconomy relation in the Euroland. We uncover evidence that the oil-macroeconomy relation changed in the past decades. We show that after the Euro adoption some countries became more similar with respect to how their macroeconomies react to oil shocks. However, we also conclude that the adoption of the common currency did not contribute to a higher degree of synchronization between Portugal, Ireland and Belgium and the rest of the countries in the Euroland. On the contrary, in these countries the macroeconomic reaction to an oil shock became more asymmetric after adopting the Euro.

Keywords: Oil prices; Business cyles, the Euro, Optimum Currency Areas; Wavelet analysis (search for similar items in EconPapers)
JEL-codes: Q43 C22 E32 F44 (search for similar items in EconPapers)
Date: 2013
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