Should-Read: Tamim Bayoumi and Barry Eichengreen (1992): Shocking Aspects of European Monetary Unification: “Data on output and prices for 11 EC member nations… http://www.nber.org/papers/w3949 …aggregate supply and demand disturbances… a VAR decomposition…. Underlying shocks are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find it more … Continue reading Should-Read: Tamim Bayoumi and Barry Eichengreen (1992): Shocking Aspects of European Monetary Unification