Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/26157 
Year of Publication: 
2007
Series/Report no.: 
CESifo Working Paper No. 2112
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We develop multivariate measures of synchronicity and co-movement of business cycles. In addition to synchronicity, the co-movement measure takes differences between cycle amplitudes into account that have been overlooked in most previous studies. We apply the new measures to the euro area. Synchronicity and co-movement for the region as a whole do not exhibit a clear upward tendency. Although several countries saw the similarity of their business cycle vis-`a-vis the euro area reference cycle increase, national business cycles remain fairly diverse. Changes in business cycle amplitudes cause most of the observed change in cycle co-movement.
Subjects: 
business cycles
synchronisation
concordance
co-movement
cycle amplitudes
euro area
JEL: 
E32
F02
F42
Document Type: 
Working Paper
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