Business cycle synchronisation in the Euro area: The case of small countries

International Economics and Economic Policy

Volumn 5, Issue 1-2, 2008, Pages 103-121

  Gouveia, Sofia ^a   Correia, Leonida ^a  

^a Universidade de Vigo   (Portugal)

Author keywords

Business cycle synchronisation; Economic and Monetary Union; European Integration

Indexed keywords

EID: 48649109711     PISSN: 16124804     EISSN: 16124812     Source Type: Journal    
DOI: 10.1007/s10368-008-0103-2     Document Type: Conference Paper

References (42)

1. Agresti AB, Mojon B (2003) Some stylised facts on the euro area business cycle. In: Angeloni I, Kashyap A, Mojon B (eds) Monetary policy transmission in the Euro aea. Cambridge University Press, Cambridge, pp 15-35
2. Altavilla C (2004) Do EMU members share the same business cycle. J Common Mark Stud 42(5):869-896
3. Artis M (2003) Reflection on the Optimal Currency Area criteria in the light of EMU. Int J Finance Econ 8(4):297-307, Special Issue, Monetary Union and Dollarization
4. Artis M (2004) Is there a European Business Cycle. In: Siebert H (ed) Macroeconomic policies in the World Economy. Springer, Heidelberg, pp 53-79
5. Artis M, Zhang W (1997) International business cycles and the ERM: Is there a European Business Cycle. Int J Financ Econ 2:1-16
6. Artis M, Zhang W (1999) Further evidence on International business cycles and the ERM: Is there a European Business Cycle. Oxf Econ Pap 51:120-132
7. Artis M, Krolzig H-M, Toro J (2004) The European business cycle. Oxf Econ Pap 56:1-44
8. Baldwin R, Wyplosz C (2004) The economics of European integration. McGraw-Hill, Maidenhead
9. Baxter M, King R (1999) Measuring business cycles: Approximate band-pass filters for economic time series. Rev Econ Stat 81:575-593
10. Bayoumi T, Eichengreen B (1993) Shocking aspects of European Monetary Unification. In: Giavazzi F, Torres F (eds) Adjustment and growth in the European Monetary Union. Cambridge University Press, Cambridge, pp 193-229
11. Blanchard O, Quah D (1989) The dynamic effects of aggregate demand and supply disturbances. Am Econ Rev 79(4):655-673
12. Canova F (2007) Methods for applied macroeconomic research. Princeton University Press, Princeton Oxford, pp 70-110
13. Coe D, Helpman E (1995) International R&D Spillovers. Eur Econ Rev 39(5):859-887
14. Darvas Z, Rose A, Szapáry G (2007) Fiscal divergence and business cycle synchronization: Irresponsibility is idiosyncratic. NBER International Seminar on Macroeconomics 2005. NBER, Cambridge, pp 261-298
15. De Grauwe P, Mongelli F (2005) Endogeneities of optimum currency areas? What brings countries sharing a single currency closer together? Working Paper Series 468. European Central Bank, Frankfurt
16. Dickerson A, Gibson H, Tsakalotos E (1998) Business cycle correspondence in the European Union. Empirica 25(1):51-77
17. European Commission (1990) One market, one money - an evaluation of the potential benefits and costs of forming an Economic and Monetary Union. Eur Econ 44
18. Fidrmuc J (2005) The endogeneity of optimum currency area criteria and intra-industry trade: Implications for EMU Enlargement. In: De Grauwe P, Melitz J (eds) Prospects for Monetary Unions after the Euro. MIT, Cambridge, pp 55-76
19. Frankel J, Rose A (1997) Is EMU more justifiable ex post than ex ante. Eur Econ Rev 41:753-760
20. Frankel J, Rose A (1998) The endogeneity of the optimum currency area criteria. Economic J 108:1009-1025
21. Gruben W, Koo J, Millis E (2002) How much does international trade affect business cycle synchronization? Working Paper 203. Federal Reserve Bank of Dallas, Dallas
22. Harding D, Pagan A (2002) Dissecting the cycle: A methodological investigation. J Monet Econ 49:365-381
23. Hodrick R, Prescott E (1997) Postwar U.S. business cycles: An empirical investigation. J Money, Credit Bank 29:1-16
24. Imbs J (2004) Trade, finance, specialization and synchronization. Rev Econ Stat 86:723-734
25. Inklaar R, De Haan J (2001) Is there really an European Business Cycle?: a comment. Ox Econ Pap 53:215-220
26. Inklaar R, Jong-A-Pin R, De Haan J (2007) Trade and Business cycle synchronization in OECD countries - a re-examination. Eur Econ Rev (In press)
27. Kalemli-Ozcan S, Sorensen BE, Yosha O (2003) Risk sharing and industrial specialization: Regional and international evidence. Am Econ Rev 93(3):03-108
28. Kenen PB (1969) The theory of optimum currency areas: An eclectic view. In: Mundell R, Swoboda AK (eds) Monetary problems of the International Economy. University of Chicago Press, Chicago, pp 41-60
29. Krugman P (1993) Lessons from Massachusetts for EMU. In: Torres F, Giavazzi F (eds) Adjustment and growth in the European Union. Cambridge University Press, Cambridge, pp 241-260
30. Lucas R (1976) Econometric policy evaluation: A critique. In: Brunner K, Meltzer AH (eds) The Phillips Curve and the Labour Markets, Carnegie Rochester Conference Series. Elsevier, Amsterdam, pp 19-46
31. Lucas R (1977) Understanding business cycles. Carnegie Rochester Conference Series on Public Policy. Elsevier, Amsterdam, pp 7-29
32. Massmann M, Mitchell J (2004) Reconsidering the evidence: Are Eurozone business cycles converging? J Bus Cycle Meas Anal 1(3):275-308
33. McDermott CJ, Scott A (2000) Concordance in Business Cycles. IMF Working Paper 00/37. International Monetary Fund, Washington DC
34. Mckinnon RI (1963) Optimum currency areas. Am Econ Rev 53:717-725
35. Micco A, Stein E, Ordoñez G (2003) The currency union effect on trade: Early evidence from EMU. Econ Policy 37:315-356
36. Mongelli FP (2002) New view on the optimum currency area theory: What is EMU telling us? Working Paper 138. European Central Bank, Frankfurt
37. Mundell RA (1961) A theory of optimum currency areas. Am Econ Rev 51:657-665
38. Pestana MH, Gageiro JN (2003) Análise de dados para Ciências Sociais: A Complementaridade do SPSS., 3rd edn. Edições Sílabo, Lisboa
39. Perez P, Osborn D, Sensier M (2007) Business cycle affiliations in the context of European integration. Appl Econ 39(2):199-214
40. Rose A (2000) One money, one market: The effect of common currencies on trade. Econ Policy 30:7-46
41. The Economist (2007) Beggar thy neighbour. Gale Group, Farmington Hills, pp 65-66 January 27th
42. Wynne M, Koo J (2000) Business cycles under monetary union: A comparison of the EU and the US. Economica 67:347-374