Is there a European Business Cycle?
AbstractThe paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques and classical multidimensional scaling applied to cross-correlations and other measures of cyclical sympathy. Twenty-three (23) countries are examined, of which 15 are European. The sample is divided into three 10-year periods to examine changes in affiliation. The overall verdict is that it is quite hard to discern a homogenous or developing “European cycle” with these data. Put loosely, globalization may be proceeding as fast as Europeanization.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1053.
Date of creation: 2003
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-05-02 (All new papers)
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