The Characteristics of Business Cycles in Selected European Emerging Market Economies

Fabrizio Carmignani ()

No 2005_7, ECE Discussion Papers Series from UNECE

Abstract: This paper analyses the business cycles of selected European emerging market economies (EME) in terms of their statistical properties and degree of synchronization with the euro area, and discusses the associated policy implications. The evidence suggests that in these economies cyclical fluctuations are wider and more frequent than in the euro area, that there is moderate consumption smoothing, and that technological shocks and labour hoarding are driving labour-market dynamics. The macroeconomic policy stance is not significantly countercyclical. Furthermore, the degree of synchronization of domestic business cycles with the business cycle of the euro area is weak in all the EME except Hungary and Poland.

Keywords: business cycles; European macroeconomics; emerging market economies (search for similar items in EconPapers)
JEL-codes: E32 E60 P24 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2005-12
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Citations: View citations in EconPapers (8)

Published in UNECE Discussion Paper Series, No. 2005_7

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Persistent link: https://EconPapers.repec.org/RePEc:ece:dispap:2005_7

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