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Business cycle patterns in European regions

Ana Gómez-Loscos (), M. Dolores Gadea () and Eduardo Bandres ()
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M. Dolores Gadea: University of Zaragoza
Eduardo Bandres: University of Zaragoza

Empirical Economics, 2020, vol. 59, issue 6, No 3, 2639-2661

Abstract: Abstract The aim of this paper is threefold. First, we analyze the comovements of business cycles in European regions. Second, we date these business cycles and identify clusters of regions with similar business cycle behavior, using Finite Mixture Markov models. Third, we develop a new index to measure within-country homogeneity. We find that comovement among regions is, on average, quite low, although it increased during the convergence process prior to the euro cash and after the onset of the Great Recession. We identify five different groups of European regions. We also find heterogeneity in the size of border effects.

Keywords: Business cycle dating; Comovements; Clusters; Regions; Finite Mixture Markov models (search for similar items in EconPapers)
JEL-codes: C32 E32 R11 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/s00181-019-01743-z

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