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Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America

Alexandra Lopes (alexandra.ferreira.lopes@iscte-iul.pt) and Álvaro Pina

No 2008/21, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: We compare Europe with the USA and Canada as regards business cycle synchronization and core-periphery patterns. A long sample (1950-2005) makes it possible to study how these aspects have evolved over time. Results support the economic viability of EMU. Average cyclical correlations among European countries have risen significantly, reaching levels close to, or even higher than, those of North American regions. Applying fuzzy clustering to the analysis of core-periphery issues, we find Europe to actually outperform North America: the core-periphery divide is milder, and peripheral status seems generally less protracted.

Keywords: European Union; Canada; United States; Monetary Unions; Business Cycles; Fuzzy Clustering. (search for similar items in EconPapers)
JEL-codes: C65 E32 E42 F33 (search for similar items in EconPapers)
Date: 2008-03
New Economics Papers: this item is included in nep-eec, nep-mac and nep-opm
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America (2011) Downloads
Working Paper: Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America (2008) Downloads
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More papers in Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa Department of Economics, ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL.
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