de Bandt, Olivier; Mongelli, Francesco Paolo - 2021
factors on the other, may have led to gradual convergence in key fiscal variables across the euro area over the recent period … starting already in the 1970s. The alternative scenario is that the euro zone is still characterised by largely idiosyncratic … common euro area component and national features (i.e., idiosyncratic national cycles) using a dynamic factor analysis on …