Euro Area business cycles in turbulent times: convergence or decoupling?

Filippo Ferroni and B. Klaus
Authors registered in the RePEc Author Service: Berry Klaus and Benjamin Klaus

Working papers from Banque de France

Abstract: We study the business cycles properties of the four largest European economies in the wake of the recent recession episodes. The analysis is based on the factors estimated from a multi-country and multi-sector data rich environment. We measure alikeness of business cycles by studying the synchronization of up and down phases, the convergence properties of country fluctuations towards the Euro Area cycles and the contribution of the Euro Area factor to national GDPs volatilities. While the economic fluctuations of the four Euro Area member states were similar before the global financial turmoil, we gather compelling evidence of an asymmetric behavior of Spanish fluctuations relative to the Euro Area one.

Keywords: Hierarchical factor models; International business cycles; Synchronization and Convergence. (search for similar items in EconPapers)
JEL-codes: C51 E32 O52 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2014
New Economics Papers: this item is included in nep-eec and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Related works:
Journal Article: Euro Area business cycles in turbulent times: convergence or decoupling? (2015)
Working Paper: Euro area business cycles in turbulent times: convergence or decoupling? (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:banfra:522

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