This paper empirically investigates the impact of globalization on the business cycle comovement of individual US states with the rest of the national economy and with the rest of world. Regressions with panel data over the period 1990-2005 provide strong evidence in support of the conventional wisdom that rising global integration over time, through either trade or foreign direct investment fl...

We assess empirically the role that uncertainty plays as a determinant of business cycle synchronization dynamics in European Monetary Union. Using time-varying measure and Bayesian model averaging methods, we find increase tends to robustly predict desynchronization, particular for countries whose cycles are not line with those rest monetary union.

In this paper, I analyse the synchronization of business cycles within the E.U., as this is an important ingredient for the implementation of a successful monetary policy. The business cycles of twelve E.U. countries and two sub-groups of countries are extracted for the period 1989Q1-2010Q2. The cycle of G3, the group of the three largest European economies (Germany, France and Italy) is then u...