European monetary union

Business Cycles in the Euro Area

JEL codes: 
E32
Version Date: 
Oct 2008
Author/s: 
Abstract: 

This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant change associated with the EMU can be detected.

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