Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …

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 a country data is not confirmed at … the regional level. The degree of synchronization across the euro area is similar to that to be found for the US states …