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Has the Similarity of Business Cycles in Europe Increased with the Monetary Integration

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  • Julien GARNIER

Abstract

We investigate to what extent the business cycles in Europe have become more synchronised since the sixties, using the classical business cycles framework. Four Bry & Boschan-like procedures for dating the turning points are compared. It is found that the cycles across countries have become more idiosyncratic through time, but this is less obvious for the countries of the Euro area. It is also found that the European cycles are increasingly independent from the US cycles. The main conclusion is the existence of a core group within the Euro area with more strongly linked cycles.

Suggested Citation

  • Julien GARNIER, 2003. "Has the Similarity of Business Cycles in Europe Increased with the Monetary Integration," Economics Working Papers ECO2003/12, European University Institute.
    • Handle: RePEc:eui:euiwps:eco2003/12
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    Cited by:

    1. Agnieszka Domańska & Dobrmił Serwa, 2014. "Synchronizacja cykli koniunkturalnych a podatność gospodarek krajów Europy na skutki kryzysu gospodarczego 2008-2009," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 37.
    2. Valerija Botric & Tanja Broz, 2016. "Exploring CESEE-EMU Synchronisation Patterns," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 18(42), pages 255-255, May.
    3. Jakob De Haan & Robert Inklaar & Richard Jong‐A‐Pin, 2008. "Will Business Cycles In The Euro Area Converge? A Critical Survey Of Empirical Research," Journal of Economic Surveys, Wiley Blackwell, vol. 22(2), pages 234-273, April.
    4. Jason Jones & Nora Collins & Lauren Sribnick, 2012. "External Influences on Business Cycle Synchronization in the Euro Area," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 18(1), pages 28-39, February.

    More about this item

    Keywords

    classical cycles; turning points algorithms; comovements;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F15 - International Economics - - Trade - - - Economic Integration

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