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Is There a European Business Cycle
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This paper examined the identity and development of the European business cycle using quarterly GDP data for some 30 years up to and including 2001, and concluded that it is quite hard to discern a homogeneous or developing "European cycle" with these data.Abstract:
The paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques and classical multidimensional scaling applied to cross-correlations and other measures of cyclical sympathy. Twenty-three (23) countries are examined, of which 15 are European. The sample is divided into three 10-year periods to examine changes in affiliation. The overall verdict is that it is quite hard to discern a homogenous or developing "European cycle" with these data. Put loosely, globalization may be proceeding as fast as Europeanization.read more
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The Endogeneity of the Optimum Currency Area Criteria
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The Endogenity of the Optimum Currency Area Criteria
TL;DR: This paper investigated the relationship between international trade patterns and international business cycle correlations and found that countries with closer trade links tend to have more tightly correlated business cycles, while countries with weaker trade links tended to have weaker business cycles.
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Unemployment and Labor Market Rigidities: Europe versus North America
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International Business Cycles and the ERM: Is There a European Business Cycle?
Michael J. Artis,Wenda Zhang +1 more
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