Will business cycles in the Euro Area converge: a critical survey of empirical research

Jakob de Haan, Robert Inklaar and Richard Jong-A-Pin ()

No 200508, CCSO Working Papers from University of Groningen, CCSO Centre for Economic Research

Abstract: The industrial revolution is mostly seen as a supply side phenomenon. Ever since Gilboy stated that factors of demand may have been equally important, scholars have stressed the importance of investments and technological change. This paper re-considers Gilboy?s ideas, using the dataset of the Dutch historical national accounts for the nineteenth century. Using a counterfactual VAR analysis, it is investigated to what extent changes in (determinants of) consumer demand may have affected patterns of industrial development.

Date: 2005
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Journal Article: WILL BUSINESS CYCLES IN THE EURO AREA CONVERGE? A CRITICAL SURVEY OF EMPIRICAL RESEARCH (2008)
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