4 edition of The Euro area business cycle found in the catalog.
Includes bibliographical references.
|Statement||edited by Lucrezia Reichlin.|
|Contributions||Reichlin, Lucrezia., Centre for Economic Policy Research (Great Britain), Centre for Comparative European Policy Evaluation.|
|LC Classifications||HB3782 .E95 2004|
|The Physical Object|
|Pagination||viii, 93 p. :|
|Number of Pages||93|
Type: BOOK - Published: - Publisher: Springer Science & Business Media Get Books International migration is becoming an increasingly important element of contemporary demographic dynamics and yet, due to its high volatility, it remains the most . Downloadable! There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common business cycle, asymmetries in the national cycles and, using a number of algorithms, date.
Journal of Business Cycle Research, , vol. 13, issue 2, No 4, Abstract: Abstract This is paper considers the role of economic sentiment and economic uncertainty in explaining economic adjustment in the Euro area during the Financial Crisis and Great Recession. The analysis is based on VAR models of economic activity, sentiment and. Although poorer European countries' growth rates were catching up in the second half of the s, and business cycles getting synchronized among the core countries, the failure of the convergence.
3. Business cycle synchronization in the Euro land. We analyze the cycles of the core of the Euro area looking both at the frequency content and phasing of cycles. In our analysis, we first consider the EU This paper explores whether similarities in production structures have been an important determinant of business cycle co-movement in the Euro Area. We constructed an index of cross-country differences in industry composition using value added data from 62 sectors. Then we tested whether this specialization index can explain several measures of cross-country output and .
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The CEPR-EABCN Euro Area Business Cycle Dating Committee met electronically on 16 April to prepare its spring statement on the state of euro area economic activity in the midst of the Covid s are available in the news section of the Dating Committee section of the website.
The CEPR and EABCN have partnered to jointly support and expand the activities of the Euro Area. 2 What do we know about the euro area business cycles. 8 Characteristics of the euro area aggregate business cycle: recessions and expansions 9 Characteristics of the national business cycles 9 Changes since the ERM, Maastricht and the EMU 10 Shocks and propagations 11 3 Data 12 4 Euro area economic activity: Business Cycles in the Euro Area Domenico Giannone, Michele Lenza, Lucrezia Reichlin.
NBER Working Paper No. Issued in December NBER Program(s):Economic Fluctuations and Growth, International Finance and Macroeconomics This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their by: A fresh look at business cycle synchronisation in the euro area Christian Gayer* Abstract This paper revisits the issue of business cycle synchronisation in the euro area looking back on more than eight years of EMU experience.
The dispersion of output gaps across Member States has reached historically low levels since around File Size: KB.
When their model is applied to quarterly output "cleaned" of high-frequency variations, the authors are able to reproduce the dates identified for the euro area business cycle by the CEPR Euro Area Business Cycle Dating by: The CEPR-EABCN Euro Area Business Cycle Dating Committee met electronically on 16 April to prepare its spring statement on the state of euro area economic activity in the midst of the COVID crisis.
[ Findings] / [ Press release] 2nd December Fall statement of the Committee on the current state of economic activity in the euro. Euro Area Business Cycle Network (EABCN) The EABCN is a forum linking academic researchers and researchers in central banks and other policy institutions involved in the empirical analysis of the euro area business cycle.
The forum’s purpose is to achieve a better understanding of the business cycle. The euro area recovery, which started after the last trough in the first quarter ofhas markedly slowed down since the fourth quarter of It is by now, 26 quarters into a weak expansion, the slowest of all euro area recoveries to date - and is currently lagging behind the speed of the US recovery.
Download the Report. Keywords: Money, loans, non-ﬂnancial corporations, monetary policy, euro area PRELIMINARY DRAFT 1 Introduction Characterizing the behavior of loans and monetary aggregates over the business cycle and the eﬁect of monetary policy on their dynamics is a key step for understanding the role of ﬂnancial markets in the real economy.
European business cycle indicators This quarterly publication provides short-term analysis based on the joint harmonised EU programme of business and consumer surveys. This series has been merged into European Economy Technical Papers since July the creation of EMU has increased business cycle synchronization across euro-area countries, even if one includes the pre-EMU period, De Grauwe and Ji () ﬁnd a high degree of business cycle syn-chronization within the euro area over the period – Look-ing beyond Europe, Jord`a, Schularick, and Taylor () ﬁnd that.
Get this from a library. The Euro area business cycle: stylized facts and measurement issues. [Lucrezia Reichlin; Centre for Economic Policy Research (Great Britain); Centre for Comparative European Policy Evaluation.;].
Of course, the new EU countries may want to join the euro area for reasons unrelated to OCA criteria. For example, all Baltic countries already fix their currencies to the euro within very narrow or zero bands, even though the correlation of their business cycles with the euro area cycle is not among the highest of new EU countries.
This paper is an exercise in dating the Euro area business cycle on a monthly basis. Using a quite flexible interpolation routine, we construct several monthly series of Euro area real GDP, and then apply the Bry-Boschan () procedure.
To account for the asymmetry in growth. Keywords: Business cycle, Euro area, cycle dating, cycle synchronization. 1 Introduction The business cycle can be broadly deﬁned as a pervasive oscillatory movement in economic activ-ity.
The term ’cycle’ is a misnomer to the extent to which it suggests a regular periodicity; one of. Giannone, D, M Lenza and L Reichlin (), “Business cycles in the euro area”, in A Alesina and F Giavazzi (eds.), Europe and the Euro, University of Chicago Press.
Glick, R (), “Currency unions and regional trade agreements: EMU and EU effects on trade,” Comparative Economic Studies 59 (2): The new approach of tracking business cycle and growth indicators is illustrated in detail for the Euro area. The analysis is based on nine key economic time series.
KEY WORDS: Bandpass filter, Business cycle, Dynamic factor model, Kalman filter, Phase shift. Downloadable. We develop an extended real business cycle (RBC) model with financially con-strained firms and non-pledgeable intangible capital.
Based on a model-consistentseries for firms' borrowing conditions, we find, within a structural vector autoregres-sion (SVAR) framework, that, in response to an adverse financial shock, tangible in-vestment falls more than intangible investment. European business cycle to the individual country cycles; and second, we undertake an impulse response analysis to investigate the response of each individual country to European expansions and recessions.
Introduction The constitution of the European Monetary Union has raised several interesting issues. After allowing for dynamics, we find that all new EU members and negotiating countries have at least doubled their business cycle synchronization with the euro area or changed from negative to positive correlations, since the early s.
Furthermore, some have exhibited U‐curved or hump‐shaped business cycle correlation patterns. The. Additional Physical Format: Online version: Real time coincident indicator of the Euro area business cycle. Rome: Banca D'Italia, (OCoLC)market rates have roughly behaved according to historical regularities with respect to the business cycle in the euro area.
This is due also to the non-standard monetary policy of the ECB which has kept the spread between interbank and policy rates under control during the crises. The OECD CLI system is based on the "growth cycle" approach, where business cycles and turning points are measured and identified in the deviation-from-trend series.
The main reference series used in the OECD CLI system for the majority of countries is industrial production (IIP) covering all industry sectors excluding construction.