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Sectoral Business Cycle Synchronization in the European Union

  • António Afonso
  • Davide Furceri

This paper analyses sectoral business cycle synchronization in an enlarged European Union using annual data for the period 1980-2005. In particular, we try to identify which sector for each country is driving the aggregate output business cycle synchronization. Overall, the sectors that provide the most relevant contribution are Industry, Building and Construction, and Agriculture, Fishery and Forestry. In contrast, the Services sector, the largest one in terms of valued added share, shows a relative low business cycle synchronization and volatility, implying that it contributes only marginally to the aggregate output business cycle synchronization.

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File URL: http://pascal.iseg.utl.pt/~depeco/wp/wp022007.pdf
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Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2007/02.

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Date of creation: Jan 2007
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Handle: RePEc:ise:isegwp:wp22007
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Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL

Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

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