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Business cycle patterns in European regions

Ana Gómez-Loscos (), María Gadea () and Eduardo Bandres

MPRA Paper from University Library of Munich, Germany

Abstract: The aim of this paper is threefold. First, we analyze the comovements of the business cycles of European regions. Second, we date these business cycles, for the first time in the literature, and identify clusters of regions with similar business cycle behavior, using Finite Mixture Markov models. Third, we develop a new index to measure within-country homogeneity. We find that comovement among regions is, on average, quite low, although it increased during the convergence process prior to the euro cash changeover and after the onset of the Great Recession. We identify five different groups of European regions. We also find heterogeneity in the size of border effects.

Keywords: Business cycle dating; comovements; clusters; regions; Finite Mixture Markov models. (search for similar items in EconPapers)
JEL-codes: C32 E32 R11 (search for similar items in EconPapers)
Date: 2018-01
New Economics Papers: this item is included in nep-eec, nep-geo, nep-mac, nep-sbm and nep-ure
References: View references in EconPapers View complete reference list from CitEc
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Related works:
Journal Article: Business cycle patterns in European regions (2020) Downloads
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