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Business cycle synchronization and insurance mechanisms in the EU
Afonso, António; Furceri, Davide - 2007
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...
Persistent link: https://www.econbiz.de/10011604890
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Business cycle convergence in EMU: A second look at the second moment
Crespo-Cuaresma, Jesús; Fernández-Amador, Octavio - 2010
synchronization patterns in business cycles. The Eurozone has converged to a stable lower level of dispersion across business cycles …
Persistent link: https://www.econbiz.de/10010294756
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Measuring the Business Cycle Similarity and Convergence Trends in the CEECs Towards the Eurozone with Respect to some Unclear Methodological Aspects
Rozmahel, Petr - 2009
discussion on the process of joining the Eurozone by the Czech Republic and other candidate countries. The paper provides an …. Measures of business cycle similarity are ordinarily used to evaluate preparedness of candidate countries to join the Eurozone …. The results indicate continuing convergence of the business cycle similarity between the candidate and Eurozone member …
Persistent link: https://www.econbiz.de/10011435274
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Measuring synchronicity and co-movement of business cycles with an application to the euro area
Mink, Mark; Jacobs, Jan P.A.M.; de Haan, Jakob - 2007
We develop multivariate measures of synchronicity and co-movement of business cycles. In addition to synchronicity, the co-movement measure takes differences between cycle amplitudes into account that have been overlooked in most previous studies. We apply the new measures to the euro area....
Persistent link: https://www.econbiz.de/10010274041
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Equal size, equal role? Interest rate interdependence between the Euro area and the United States
Ehrmann, Michael; Fratzscher, Marcel - 2003
This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...
Persistent link: https://www.econbiz.de/10010298252
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Towards a monthly business cycle chronology for the euro area
Mönch, Emanuel; Uhlig, Harald - 2005
This paper is an exercise in dating the Euro area business cycle on a monthly basis. Using a quite flexible interpolation routine. we construct several monthly series of Euro area GDP, and then apply the Bry-Boschan (1971) procedure. To account for the asymmetry in growth regimes and duration...
Persistent link: https://www.econbiz.de/10010319190
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Exploring the international linkages of the euro area: a global VAR analysis
Dées, Stéphane; di Mauro, Filippo; Pesaran, Hashem; … - 2005
This paper presents a quarterly global model linking individual country vector errorcorrecting models in which the domestic variables are related to the country-specific foreign variables. The global VAR (GVAR) model is estimated for 26 countries, the euro area being treated as a single economy,...
Persistent link: https://www.econbiz.de/10011604614
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Determinants of business cycle synchronisation across euro area countries
Böwer, Uwe; Guillemineau, Catherine - 2006
We investigate the key factors underlying business cycle synchronisation in the euro area applying the extreme-bounds analysis. We examine both traditional determinants and new, EMU-specific policy and structural indicators over the past 25 years. Our evidence seems to support the endogeneity...
Persistent link: https://www.econbiz.de/10011604633
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Modeling the impact of external factors on the euro area’s HICP and real economy: a focus on pass-through and the trade balance
Landolfo, Luigi - 2007
This paper aims to analyze the impact of external factors, such as the nominal effective exchange rate, foreign demand and the terms of trade, on the euro area real economy. In particular, the paper estimates the quantitative impact that changes in these factors have on net trade, real GDP and...
Persistent link: https://www.econbiz.de/10011604835
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10011605002