Campolmi, Alessia (contributor); Faia, Ester (contributor) - 2006
differentials still persist and seem to have increased
recently. Recent empirical studies also showed that euro area cyclical … the
euro area. Unfortunately few studies distinguish between the cyclical and the long run components
7
ECB
Working Paper … differentials.
However it needs to be stressed that our main focus is in fact in the cyclical component.
Empirical studies such as …