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 …

hindered convergence among the countries of the Eurozone. On the one hand, there is wide agreement on the fact that asymmetric … support for convergence is fading away after the EMU was initiated in 1999. A process of divergence in per capita GDP is … underway, in contrast with the substantial progress that has taken place during the nineties. Regional convergence is also …

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 …

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 …