Are asymmetric shocks to output less important for industries which are more open to trade and more technology-intensive? Our results, obtained from a correlation analysis between growth rates of value added in thirteen manufacturing industries in eleven European countries between 1979 and 1990,...

Many recent studies on EMU have found business cycle asymmetries among potential members of the union to be quite relevant. Such asymmetries clearly decrease the balance of benefits versus costs for potential members of a monetary union and may also raise doubts on the feasibility of a common...