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Title: Business Cycles, Core and Periphery in Monetary Unions: comparing Europe and North America
Author: Lopes, Alexandra Ferreira
Pina, Álvaro
Keywords: European Union
United States
Monetary Unions
Business Cycles
Fuzzy Clustering
Issue Date: 2008
Publisher: ISEG – Departamento de Economia
Citation: Lopes, Alexandra Ferreira e Álvaro Pina. 2008. "Business Cycles, Core and Periphery in Monetary Unions: comparing Europe and North America". Instituto Superior de Economia e Gestão - DE Working papers nº 21-2008/DE/UECE
Series/Report no.: DE Working papers;nº 21-2008/DE/UECE
Abstract: We compare Europe with the USA and Canada as regards business cycle synchronization and core-periphery patterns. A long sample (1950-2005) makes it possible to study how these aspects have evolved over time. Results support the economic viability of EMU. Average cyclical correlations among European countries have risen significantly, reaching levels close to, or even higher than, those of North American regions. Applying fuzzy clustering to the analysis of core-periphery issues, we find Europe to actually outperform North America: the core-periphery divide is milder, and peripheral status seems generally less protracted.
ISSN: 0874-4548
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Appears in Collections:DE - Documentos de trabalho / Working Papers
UECE - Documentos de Trabalho / UECE - Working Papers

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