that sensitive to regional asymmetric shocks at the business cycle horizon. Finally, using a conditional convergence model …

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 …

A new non-linear parametric model, the Stochastic Cyclical Convergence Model (SCCM), is used for measuring the … convergence of business cycles between euro area countries and the euro area aggregate. The model combines unobserved component … models with time-varying parameter models. The convergence between the two cycles is characterised by two time …