Before the outbreak of the coronavirus (COVID-19) pandemic, discussions were already taking place on how to complete Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of the current unprecedented crisis on the euro area...

This paper proposes a new non-linear parametric model, called the Dynamic Cyclical Convergence Model (DCCM), to measure and test the convergence between two cycles. This model combines unobserved component models with time-varying parameter models. The convergence is characterised by two...

We analyse the cross-country dimension of financial cycles by studying cyclical co-movements in credit, house prices, equity prices and interest rates across the G7 economies. We use wavelet-based statistics to assess at which frequencies cyclical fluctuations and their crosscountry co-movements...