Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America

Alexandra Lopes () and Álvaro Pina

No ercwp1908, Working Papers Series 1 from ISCTE-IUL, Business Research Unit (BRU-IUL)

Abstract: We compare Europe with the USA and Canada as regards business cycle synchronization and core-periphery patterns. A long sample (1950-2005) makes it possible to study how these aspects have evolved over time. Results support the economic viability of EMU. Average cyclical correlations among European countries have risen significantly, reaching levels close to, or even higher than, those of North American regions. Applying fuzzy clustering to the analysis of core-periphery issues, we find Europe to actually outperform North America: the core-periphery divide is milder, and peripheral status seems generally less protracted.

Keywords: European Union; Canada; United States; Monetary Unions; Business Cycles; Fuzzy Clustering (search for similar items in EconPapers)
JEL-codes: C65 E32 E42 F33 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2008-03-15
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America (2011)
Working Paper: Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America (2008)
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