WILL BUSINESS CYCLES IN THE EURO AREA CONVERGE? A CRITICAL SURVEY OF EMPIRICAL RESEARCH
Jakob de Haan (),
Robert Inklaar () and
Richard Jong-A-Pin ()
Journal of Economic Surveys, 2008, vol. 22, issue 2, 234-273
This survey of business cycle synchronization in the European monetary union focuses on two issues: have business cycles become more similar, and which factors drive business cycle synchronization. We conclude that business cycles in the euro area have gone through periods of both convergence and divergence. Still, there is quite some evidence that during the 1990s business cycle synchronization in the euro area has increased. Higher trade intensity is found to lead to more synchronization, but the point estimates vary widely. The evidence for other factors affecting business cycle synchronization is very mixed. Copyright 2007 The Authors. Journal compilation © 2007 Blackwell Publishing Ltd.
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Working Paper: Will business cycles in the Euro Area converge: a critical survey of empirical research (2005)
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