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Business Cycle Synchronization Across the Euro-Area: a Wavelet Analysis

Luís Aguiar-Conraria () and Maria Joana Soares ()
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Maria Joana Soares: Universidade do Minho - Departamento de Matemática, http://www.math.uminho.pt

No 8/2009, NIPE Working Papers from NIPE - Universidade do Minho

Abstract: We use wavelets, cross-wavelets, wavelet-phase analysis, wavelet-clustering and multidimensional mapping to study business cycle synchronization across countries that are part of the Euro12 Area. Based on the wavelet spectra, we propose a metric to measure business cycle disynchronicity. We identify Germany, France, Spain, Austria and the Benelux countries as the core of the Euroland and another group with a less synchronous business cycle and ask whether these latter countries are converging to the Euroland core, and, if so, at what frequencies. With the exception of Portugal,all countries are converging to the Euro core. This convergence is particularly strong in the case of Ireland and Italy.

Date: 2009
New Economics Papers: this item is included in nep-bec, nep-eec and nep-mac
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Citations: View citations in EconPapers (18)

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