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The impact of the Euro on international stability and volatility


Gerlach, Stefan; Hoffmann, Mathias (2010). The impact of the Euro on international stability and volatility. In: Buti, Marco; Deroose, Servaas; Gaspar, Vítor; Nogueira Martins, João Nogueira. The Euro: the first decade. Cambridge: Cambridge University Press, 648-970.

Abstract

We investigate the impact of EMU on macroeconomic volatility. The volatilities of inflation
and nominal interest rates have declined, as has, more importantly, the volatility of real
consumption growth. Since global volatility has fallen for reasons unrelated to EMU (the
great moderation), we focus on the volatilities of bilateral differences in growth rates (or
changes). Pairs of EMU countries have experienced the greatest fall in consumption volatility,
followed by pairs in which one country is an EMU member. We demonstrate that these
findings are closely linked to changes in consumption risk sharing. Overall, EMU has made a
difference.

Abstract

We investigate the impact of EMU on macroeconomic volatility. The volatilities of inflation
and nominal interest rates have declined, as has, more importantly, the volatility of real
consumption growth. Since global volatility has fallen for reasons unrelated to EMU (the
great moderation), we focus on the volatilities of bilateral differences in growth rates (or
changes). Pairs of EMU countries have experienced the greatest fall in consumption volatility,
followed by pairs in which one country is an EMU member. We demonstrate that these
findings are closely linked to changes in consumption risk sharing. Overall, EMU has made a
difference.

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Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2010
Deposited On:09 Nov 2011 10:28
Last Modified:05 Apr 2016 15:05
Publisher:Cambridge University Press
ISBN:978-9-279-09842-0
Additional Information:Copyright: Cambridge University Press
Related URLs:http://opac.nebis.ch/F/?local_base=EBI01&con_lng=GER&func=find-b&find_code=090&request=001926638

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