Business Cycle Desynchronisation: Amplitude and Beta vs. Co-movement
Ansgar Belke,
Clemens Domnick and
Daniel Gros
Intereconomics: Review of European Economic Policy, 2017, vol. 52, issue 4, 238-241
Abstract:
Abstract A high degree of correlation among the business cycles of individual countries is usually seen as a key criterion for an optimum currency area. However, the elasticity with which countries react to the common cycle is equally important. A country with a non-unitary growth elasticity relative to the common area will experience cyclical divergences at the peak and trough of the common cycle. Despite being characterised by highly correlated business cycles, the euro area suffers from widely differing amplitudes.
Date: 2017
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DOI: 10.1007/s10272-017-0681-8
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