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The Characteristics of Business Cycles in Selected European Emerging Market Economies

  • Fabrizio Carmignani

    ()

    (United Nations Economic Commission for Europe)

This paper analyses the business cycles of selected European emerging market economies (EME) in terms of their statistical properties and degree of synchronization with the euro area, and discusses the associated policy implications. The evidence suggests that in these economies cyclical fluctuations are wider and more frequent than in the euro area, that there is moderate consumption smoothing, and that technological shocks and labour hoarding are driving labour-market dynamics. The macroeconomic policy stance is not significantly countercyclical. Furthermore, the degree of synchronization of domestic business cycles with the business cycle of the euro area is weak in all the EME except Hungary and Poland.

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File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2005-7.pdf
File Function: First version, 2005
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Paper provided by UNECE in its series ECE Discussion Papers Series with number 2005_7.

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Length: 21 pages
Date of creation: Dec 2005
Date of revision:
Publication status: Published in UNECE Discussion Paper Series, No. 2005_7
Handle: RePEc:ece:dispap:2005_7
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