Mink, Mark; Jacobs, Jan P.A.M.; Haan, Jakob de - In: Oxford Economic Papers 64 (2012) 2, pp. 217-236
If output gaps in a currency union are not sufficiently coherent, the common monetary policy will not be optimal for all countries or regions in the union. It is common practice to measure coherence of output gaps by a correlation coefficient. We propose new measures of output gap coherence,...