model the interdependencies between the business cycles in China and industrial countries, including the US, the euro area … effects to the US and the euro area responses are much lower and decrease due to rising inflation pressure. The analysis also … euro area. …

convergence for 41 euro area regions and 48 US states. By looking at the regional dimension, a larger information set can be … states and comparable euro area regions, the perspectives of a common monetary policy in Europe can be assessed. The US … provides a natural benchmark in this respect. Both the US and the euro area share similar socio-economic characteristics …