Belke, Ansgar; Domnick, Clemens; Gros, Daniel - In: Intereconomics 52 (2017) 4, pp. 238-241
A high degree of correlation among the business cycles of individual countries is usually seen as a key criterion for an optimum currency area. However, the elasticity with which countries react to the common cycle is equally important. A country with a non-unitary growth elasticity relative to...