Shift to single currency increased volatility of money growth, paper argues
Decrease in shocks moderated European real economy in 1990s, researchers say
The move to European monetary union strongly affected the volatility of money growth in eurozone countries, argues a working paper published by the Banque de France.
In On the sources of macroeconomic stability in the euro area, Sanvi Avouyi-Dovi and Jean-Guillaume Sahuc present macroeconomic data from 1980 to 2007. The authors then use a dynamic stochastic general equilibrium model to search the data for structural breaks in the mean and volatility of time series.
They say that 1994, when stage
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