EconPapers    
Economics at your fingertips  
 

Business Cycles in the euro Area

Domenico Giannone (), Michele Lenza () and Lucrezia Reichlin ()

No 2008_040, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: This paper shows that the EMU has not affected historical characteristics of member countries’ business cycles and their cross-correlations. Member countries which had similar levels of GDP percapita in the seventies have also experienced similar business cycles since then and no significant change associated with the EMU can be detected. For the other countries, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area per-capita GDP growth since 1999 has been lower than what could have been predicted on the basis of historical experience and US observed developments. The gap between US and euro area GDP per capita level has been 30% on average since 1970 and there is no sign of catching up or of further widening.

Keywords: Euro area; International Business Cycle; European monetary union; European integration (search for similar items in EconPapers)
JEL-codes: E32 F43 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cba, nep-eec, nep-mac and nep-opm
Date: 2008
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (34) Track citations by RSS feed

Published by:

Downloads: (external link)
https://dipot.ulb.ac.be/dspace/bitstream/2013/5410 ... _wpaper_2008_040.pdf RePEc_eca_wpaper_2008_040 (application/pdf)

Related works:
Chapter: Business Cycles in the Euro Area (2010) Downloads
Journal Article: Business cycles in the euro area (2009) Downloads
Working Paper: Business Cycles in the Euro Area (2009) Downloads
Working Paper: Business Cycles in the Euro Area (2008) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eca:wpaper:2008_040

Ordering information: This working paper can be ordered from
http://hdl.handle.ne ... ulb.ac.be:2013/54107

Access Statistics for this paper

More papers in Working Papers ECARES from ULB -- Universite Libre de Bruxelles Contact information at EDIRC.
Bibliographic data for series maintained by Benoit Pauwels ().

 
Page updated 2019-09-21
Handle: RePEc:eca:wpaper:2008_040