In this paper we study cyclical patterns by applying multivariate wavelet analysis. The wavelet covariance and wavelet correlation are defined and applied to the analysis of business cycles as an alternative to the traditional cross-spectrum analysis. The main findings for Slovenia are that there is a significant business cycle component in aggregate economic activity. Business cycles are asymm...

We analyze whether financial integration leads to converging or diverging business cycles using a dynamic spatial model. Our model allows for contemporaneous spillovers of shocks GDP growth between countries that are financially integrated and delivers scalar measure the spillover intensity at each point in time. For network ten European from 1996 2017, we find effects positive on average much ...

We use wavelets, cross-wavelets, wavelet-phase analysis, wavelet-clustering and multidimensional mapping to study business cycle synchronization across countries that are part of the Euro12 Area. Based on the wavelet spectra, we propose a metric to measure business cycle disynchronicity. We identify Germany, France, Spain, Austria and the Benelux countries as the core of the Euroland and anothe...

We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of acceptance of power distance and individualism, are also linked business cycle features. Business cycl...