Business Cycle Synchronization
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Recent papers in Business Cycle Synchronization
The recent turmoil in the euro area once more forces the EU authorities to reconsider the future of further monetary integration. One of the most commonly used criteria for successful monetary integration in contemporary research is... more
This paper analyzes the synchronization of business cycles between new and old EU members using various measures. The main findings are that Hungary, Poland and Slovenia have achieved high degree of synchronization for GDP, industry and... more
It is generally recognized that countries wanting to join a monetary union should display the optimal currency area properties. One such property is the similarity of business cycles. We therefore undertook to analyze the synchronization... more
Objective: The main goal of the paper is to evaluate, in a comparative manner, the degree of similarities in aggregated demand disturbances in the Visegrad Group (the Czech Republic, Hungary, Poland and Slovakia, collectively: V4) and the... more
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in... more
In the paper time-frequency analysis in the form of the maximal overlap discrete wavelet transform (MODWT) and its complex variant – the maximal overlap discrete Hilbert wavelet transform (MODHWT) is applied to study changing patterns of... more
During the past 8 years, the global economy has experienced significant disturbances. The financial and economic crisis, which had started in 2007 in the USA, turned into a financial and debt crisis in Europe. Greece is the country that... more
This paper analyses the degree of synchronization between the Mexican states and the US business cycles by using a growth cycle approach for the period 1997-2007. The business cycle indicators are obtained from seasonally-adjusted monthly... more
Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of... more
The last twenty years have brought a bulk of inconsistent results on the determinants of business cycle synchronization (BCS). Researchers have usually focused their attention on a limited set of possible determinants, not accounting for... more
Tematem niniejszego artykułu jest podjęcie problemu niejasnych wyników badań empirycznych nad synchronizacją cykli koniunkturalnych. W tym celu przedstawiono model dwóch krajów wykorzystany do analizy synchronizacji cykli... more