Has the Similarity of Business Cycles in Europe Increased with the Monetary Integration

Julien Garnier ()

No ECO2003/12, Economics Working Papers from European University Institute

Abstract: We investigate to what extent the business cycles in Europe have become more synchronised since the sixties, using the classical business cycles framework. Four Bry & Boschan-like procedures for dating the turning points are compared. It is found that the cycles across countries have become more idiosyncratic through time, but this is less obvious for the countries of the Euro area. It is also found that the European cycles are increasingly independent from the US cycles. The main conclusion is the existence of a core group within the Euro area with more strongly linked cycles.

Keywords: classical cycles; turning points algorithms; comovements (search for similar items in EconPapers)
JEL-codes: E32 F15 (search for similar items in EconPapers)
Date: 2003
New Economics Papers: this item is included in nep-eec, nep-mac and nep-mon
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco2003/12

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