Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/260784 
Year of Publication: 
2022
Series/Report no.: 
CESifo Working Paper No. 9654
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using a long sample period. We also analyze the impact of the COVID-19 pandemic on business cycle coherence and examine whether our measures for business cycle coherence indicate a core versus periphery within EMU. Our results suggest that business cycle coherence did not increase monotonically. The COVID-19 pandemic made that the signs of the output gaps of euro area countries became more similar, but we find large differences in the amplitude of the output gaps across countries.
Subjects: 
Covid-19 crisis
business cycle coherence
synchronization
output gaps
euro area
JEL: 
E32
F02
F42
Document Type: 
Working Paper
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