This paper uses a transformation of the period-by-period index proposed by Cerqueira and Martins (<CitationRef CitationID="CR10">2009</CitationRef>), to overcome some of its shortcomings, in a non-parametric estimation to analyze how business cycle synchronization for a sample of 111 countries evolved in the period 1960–2007. The...</citationref>

This paper examines empirically the effects of the introduction of the euro on the output correlation among the member economies. The similarity of shocks affecting the members is an important condition to minimize the costs from the loss of national monetary policy implementation. Eichengreen...

Substantial evidence suggests that countries or regions with stronger trade linkages tend to have business cycles that are more synchronized. The standard international business cycle framework cannot replicate this nding. In this paper, we study a multi-country model of international trade with...