01826nam a2200289 a 4500 1/51385 080128s2008 be u pdd 1 a0eng d 9789279082344 1016-8060 (print) 1725-3187 (online) KC-AI-08-309-EN-C 37291 GR-PeUP ΚΕΤ Αλφαβητική σειρά Gerlach, Stefan. The impact of the euro on international stability and volatility / Stefan Gerlach, Mathias Hoffmann. Brussels- Belgium: European Comission: Directorate-General for Economic and Financial Affairs, 2008. 29 σ.: διαγ. πιν. 30 εκ. European Economy. Economic papers ; Economic Papers 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. Hoffmann, Mathias. European Commission : Directorate-General for Economic and Financial Affairs. Economic Papers March 2008, No 309. European Economy. Economic papers ; 309. INST UNIPILB KET 20090303 EEEP 309 EEEP 309 NOLOAN 23 1 http://ec.europa.eu/economy_finance/publications/publication_summary12271_en.htm