Cyclical synchronization in the EMU along the financial crisis: An interpretation of the conflicting signals

• Published in: European journal of government and economics Vol. 1; no. 1; pp. 86 - 100
• Main Author: Cancelo, Jose Ramon
• Format: Journal Article
• Language: English
• Published: A Coruña Universidade da Coruña 2012; University of A Coruna
• Subjects: asymmetric responses; cyclical convergence; euro area; international business cycles

We analyze how cyclical synchronization in the EMU evolved since the onset of the current financial crisis. The standard measures of cyclical correlation suggest that while the cycle of the euro area became more aligned with the cycles of other developed economies, the EMU itself apparently entered...