This paper aims to assess the effects of external macroeconomic shocks on business cycles of Central and Eastern European Countries, not yet Euro-area members. Using quarterly
data from 1999 to 2015 and the structural near-VAR methodology, we focus on the effects of
Euro-area monetary policy and global oil price shocks on prices and output of the analyzed
countries. Results show that business cycle fluctuations are mainly explained by domestic
shocks in the short run, while monetary policy and oil price shocks play an increasing role
in the medium run. Adding domestic fiscal shocks the overall picture does not change significantly, since fiscal policy turns out to be a minor driver of business cycle fluctuations in
CEECs