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Euro Area business cycles in turbulent times: convergence or decoupling?

Ferroni, F and Klaus, B (2015) Euro Area business cycles in turbulent times: convergence or decoupling? Applied Economics, 47 (34-35). pp. 3791-3815.

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Abstract

We study the business cycle properties of the four largest European economies in the wake of the recent recession episodes. The analysis is based on the factors estimated from a multi-country and multi-sector data-rich environment. We measure alikeness of business cycles by studying the synchronization of up and down phases, the convergence properties of country fluctuations towards the Euro Area (EA) cycles and the contribution of the EA factor to national GDP volatilities. While the economic fluctuations of the four EA member states were similar before the global financial turmoil, we gather compelling evidence of an asymmetric behaviour of Spanish fluctuations relative to the EA one.

Item Type: Article
Subjects : Economics
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
AuthorsEmailORCID
Ferroni, FUNSPECIFIEDUNSPECIFIED
Klaus, BUNSPECIFIEDUNSPECIFIED
Date : 20 April 2015
Identification Number : 10.1080/00036846.2015.1021458
Copyright Disclaimer : © 2015 Taylor & Francis
Uncontrolled Keywords : Hierarchical factor models, International business cycles, Synchronization and convergence
Depositing User : Symplectic Elements
Date Deposited : 22 Aug 2016 10:18
Last Modified : 22 Aug 2016 10:18
URI: http://epubs.surrey.ac.uk/id/eprint/811318

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