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Identification of slowdowns and accelerations for the euro area economy

Olivier Darné and Laurent Ferrara ()

No 7376, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: In addition to quantitative assessment of economic growth using econometric models, business cycle analyses have been proved to be helpful to practitioners in order to assess current economic conditions or to anticipate upcoming fluctuations. In this paper, we focus on the acceleration cycle in the euro area, namely the peaks and troughs of the growth rate which delimitate the slowdown and acceleration phases of the economy. Our aim is twofold: First, we put forward a reference turning point chronology of this cycle on a monthly basis, based on gross domestic product and industrial production index. We consider both euro area aggregate level and country specific cycles for the six main countries of the zone. Second, we come up with a new turning point indicator, based on business surveys carefully watched by central banks and short-term analysts, in order to follow in real-time the fluctuations of the acceleration cycle.

Keywords: Acceleration cycle; Business surveys; Dating chronology; Euro area; Turning point indicator (search for similar items in EconPapers)
JEL-codes: C22 C52 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec and nep-ore
Date: 2009-07
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Related works:
Journal Article: Identification of Slowdowns and Accelerations for the Euro Area Economy (2011)
Working Paper: Identification of slowdowns and accelerations for the euro area economy (2009) Downloads
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