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The synchronization of business cycles across the European Community

  • John Formby
  • Stefan Norrbin
  • Ryoichi Sakano

The recent adoption of the Delors Report brings into question the extent of the EC integration and the costs to individual countries of continued integration. In this paper we address this question by comparing EC countries to non-EC countries, specifically comparing the extent to which domestic policies are coordinated. We find a strong coordination between EC countries as compared to non-EC countries. However, Italy shows up as a persistent outlier in the EC, requiring a reformulation of domestic policy goals if continued integration is desired. Copyright Kluwer Academic Publishers 1992

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File URL: http://hdl.handle.net/10.1007/BF01886151
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Article provided by Springer in its journal Open Economies Review.

Volume (Year): 3 (1992)
Issue (Month): 3 (October)
Pages: 233-253

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Handle: RePEc:kap:openec:v:3:y:1992:i:3:p:233-253
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  1. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  2. Norrbin, Stefan C. & Schlagenhauf, Don E., 1988. "An inquiry into the sources of macroeconomic fluctuations," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 43-70, July.
  3. Danthine, Jean-Pierre & Girardin, Michel, 1989. "Business cycles in Switzerland : A comparative study," European Economic Review, Elsevier, vol. 33(1), pages 31-50, January.
  4. Wyplosz, Charles, 1989. "Asymmetry in the EMS: Intentional or systemic?," European Economic Review, Elsevier, vol. 33(2-3), pages 310-320, March.
  5. John Y. Campbell & N. Gregory Mankiw, 1988. "International Evidence on the Persistence of Economic Fluctuations," NBER Working Papers 2498, National Bureau of Economic Research, Inc.
  6. Frank, Murray & Gencay, Ramazan & Stengos, Thanasis, 1988. "International chaos?," European Economic Review, Elsevier, vol. 32(8), pages 1569-1584, October.
  7. Alan C. Stockman, 1987. "Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries," NBER Working Papers 2313, National Bureau of Economic Research, Inc.
  8. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
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