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Type Book Chapter
Scope Discipline-based scholarship
Title The impact of the Euro on international stability and volatility
Organization Unit
Authors
  • Stefan Gerlach
  • Mathias Hoffmann
Editors
  • Marco Buti
  • Servaas Deroose
  • Vítor Gaspar
  • João Nogueira Nogueira Martins
Item Subtype Original Work
Refereed Yes
Status Published in final form
Language
  • English
Booktitle The Euro: the first decade
ISBN 978-9-279-09842-0
Place of Publication Cambridge
Publisher Cambridge University Press
Page Range 648 - 670
Date 2010
Date Annual Report 2011
Abstract Text 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 Information Copyright: Cambridge University Press