Do european business cycles look like one?

Maximo Camacho, Gabriel Pérez-Quirós (gperezquiros@presidencia.gob.es) and Lorena Saiz (lsaiz@bde.es)
Additional contact information
Gabriel Pérez-Quirós: Economic Bureau of the President
Lorena Saiz: Banco de España
Authors registered in the RePEc Author Service: Gabriel Perez Quiros

No 518, Working Papers from Banco de España

Abstract: This paper analyzes if each European country presents business cycles that are similar enough to validate what some authors call the European cycle. Contrary to the majority of papers on business cycles, we concentrate on the appearance of the cycle, not on the synchronization. We provide a robust methodology for dating and characterizing business cycles and their phases and adopt the model-based cluster analysis to test the existence of an unique cluster (a common cycle) against more than one. We find evidence against a common cycle. Finally, we find no clear relation between similarities in business cycle appearance and synchronization across countries.

Keywords: business cycle characteristics; economic integration; european union enlargement; stationary bootstrap; model based cluster analysis (search for similar items in EconPapers)
JEL-codes: C22 E32 F02 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2005-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (25)

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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/05/Fic/dt0518e.pdf First version, August 2005 (application/pdf)

Related works:
Journal Article: Do European business cycles look like one? (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0518

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