A meta-analysis of business cycle correlation between the euro area and CEECs: What do we know - and who cares?

Jarko Fidrmuc and Iikka Korhonen

No 20/2004, BOFIT Discussion Papers from Bank of Finland Institute for Emerging Economies (BOFIT)

Abstract: We review the literature on business-cycle correlation between the euro area and Central and Eastern European countries (CEECs), a topic that has gained attention in recent years as new EU entrants prepare for participation in the monetary union.Our meta-analysis suggests several CEECs already have comparably high correlation with the euro area business cycle.We also find that estimation methodologies can have a significant effect on correlation coefficients.While central bankers are more conservative in their estimates, we find no evidence of a geographical bias in the studies.

Keywords: monetary union; optimum currency area; business cycles; meta- analysis (search for similar items in EconPapers)
JEL-codes: C42 E32 F15 F31 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bofitp:bdp2004_020

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