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Will business cycles in the Euro Area converge : a critical survey of empirical research

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  • Haan, Jakob de
  • Inklaar, Robert
  • Jong-A-Pin, Richard

    (Groningen University)

Abstract

The industrial revolution is mostly seen as a supply side phenomenon. Ever since Gilboy stated that factors of demand may have been equally important, scholars have stressed the importance of investments and technological change. This paper re-considers Gilboy?s ideas, using the dataset of the Dutch historical national accounts for the nineteenth century. Using a counterfactual VAR analysis, it is investigated to what extent changes in (determinants of) consumer demand may have affected patterns of industrial development.

Suggested Citation

  • Haan, Jakob de & Inklaar, Robert & Jong-A-Pin, Richard, 2005. "Will business cycles in the Euro Area converge : a critical survey of empirical research," CCSO Working Papers 200508, University of Groningen, CCSO Centre for Economic Research.
  • Handle: RePEc:gro:rugccs:200508
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