Agnello, Luca; Caporale, Guglielmo Maria; Sousa, Ricardo M. - 2013
increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii … different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 …) a positive effect of bilateral trade on the synchronization of business cycles. …