Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades

1.0Liberty Street Economicshttps://libertystreeteconomics.newyorkfed.orgtrevordelaneyhttps://libertystreeteconomics.newyorkfed.org/author/trevordelaney-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2--2/Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades - Liberty Street Economicsrich600338<blockquote class="wp-embedded-content" data-secret="i9Udz0yZCi"><a href="https://libertystreeteconomics.newyorkfed.org/2023/05/do-economic-crises-in-europe-affect-the-u-s-some-lessons-from-the-past-three-decades/">Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://libertystreeteconomics.newyorkfed.org/2023/05/do-economic-crises-in-europe-affect-the-u-s-some-lessons-from-the-past-three-decades/embed/#?secret=i9Udz0yZCi" width="600" height="338" title="“Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades” — Liberty Street Economics" data-secret="i9Udz0yZCi" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); </script> https://libertystreeteconomics.newyorkfed.org/wp-content/uploads/sites/2/2023/05/LSE_2023_euro-spillovers_akinci_440.jpg440256In this post we summarize the main results of our contribution to a recent e-book, "The Making of the European Monetary Union: 30 years since the ERM crisis," on the economic and financial crises in Europe since 1992-93, and focus on the spillovers of those crises onto the United States and the global economy. We find that the answer to the question in the title of this post is a (moderate) yes.