globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies … importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups …

globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies … importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups …

cycles. This extends previous work that has looked for convergence, in a similar manner by focusing on correlation, but has … correlation coefficients. Moreover, exploiting the panel of correlation coefficients we propose a statistical test for convergence … business cycles is found to be sensitive to the measure of the business cycle considered, our findings about convergence …