IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The business cycle in Eurozone economies (1960 to 2009)

Listed author(s):
  • Ioanna Konstantakopoulou
  • Efthymios Tsionas

This article investigates the business cycles of Eurozone economies. We detect static and dynamic relationships between cyclical components of output, arising through the use of different filtering methods. This is achieved using for the first, correlations, and for the second, the Autoregressive Distributed Lag (ARDL) model proposed by Pesaran et al. (Pesaran-Shin-Smith, PSS, 2001). The evidence indicates that there is a core group of countries, comprising Germany, France, Belgium, the Netherlands and Austria, which are the most synchronized. These countries appear to form a common European cycle after the institutional changes in Europe, while countries such as Greece, Portugal, Luxembourg and Finland present no synchronization with the rest. In addition, the long run estimated coefficients confirm the positive relationships between the business cycles of countries such as Germany with those of the Netherlands, Austria, Belgium, Greece and Ireland. Furthermore, the French cycle with the Dutch, Luxembourgian, Belgian and Spanish cycles; the Belgian cycle with the cycles of all examined countries; the Portuguese cycle with the Greek cycle and finally the Spanish cycle with the Irish cycle. The cycles of most countries converge in the long run equilibrium path, while the speed of convergence is higher in France, Netherlands, Germany and Austria.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Taylor & Francis Journals in its journal Applied Financial Economics.

Volume (Year): 21 (2011)
Issue (Month): 20 ()
Pages: 1495-1513

in new window

Handle: RePEc:taf:apfiec:v:21:y:2011:i:20:p:1495-1513
DOI: 10.1080/09603107.2011.579060
Contact details of provider: Web page:

Order Information: Web:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:taf:apfiec:v:21:y:2011:i:20:p:1495-1513. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.