Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154252
Authors: 
Klaus, Benjamin
Ferroni, Filippo
Year of Publication: 
2015
Series/Report no.: 
ECB Working Paper 1819
Abstract: 
We study the business cycle properties of the four largest euro area economies in the wake of the recent recession episodes. The analysis is based on the factors estimated from a multi-country and multi-sector data-rich environment. We measure alikeness of business cycles by studying the synchronization of up and down phases, the convergence properties of country fluctuations towards the euro area cycles and the contribution of the euro area factor to national GDP volatilities. While the economic fluctuations of the four euro area member states were similar before the global financial turmoil, we gather compelling evidence of an asymmetric behaviour of Spanish fluctuations relative to the euro area one.
Subjects: 
Hierarchical factor models
International business cycles
Synchronization and Convergence ECB
JEL: 
C51
E32
O52
ISBN: 
978-92-899-1632-5
Document Type: 
Working Paper

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