Artis, Michael; Dreger, Christian; Kholodilin, Konstantin - School of Economics, University of Manchester - 2009
We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model … decades in the euro area and the US. Ongoing business cycle convergence often detected in cross-country data is not confirmed … states. Thus, the lack of conver-gence does not seem to be an impediment to a common monetary policy. …