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What has Changed After the Great Recession on the European Cyclical Patterns?

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  • Ana Rodríguez-Santiago

    (University of Huelva)

Abstract

This article analyses the business cycle dynamics in the European Union (EU28) during recent decades. Following Camacho et al. (J Econ Dyn Control 30:1687–1706, 2006), we extend the analysis of European cycles to a broader range of countries, including new entrants. In addition, we update their sample by including the Great Recession data with the aim of exploring whether the financial crisis led to changes in cyclical features across these countries. Our results indicate that the Great Recession has undermined European cyclical linkages. Notably, we succeeded in detecting that the European economies do not follow more closed dynamics, despite the fact that the countries are showing more similar cyclical characteristics.

Suggested Citation

  • Ana Rodríguez-Santiago, 2019. "What has Changed After the Great Recession on the European Cyclical Patterns?," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 15(2), pages 121-146, December.
    • Handle: RePEc:spr:jbuscr:v:15:y:2019:i:2:d:10.1007_s41549-019-00038-7
    DOI: 10.1007/s41549-019-00038-7
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    More about this item

    Keywords

    Business cycle characteristics; Cyclical synchronization; European Union enlargement;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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