This paper examines whether European integration, manifesting itself in increased trade and FDI linkages, new specializations and economic policy coordination, contributed to the synchronization of business cycles in the enlarged EU. We estimate the effects on bilateral growth rate correlations in 1995-2008 in a simultaneous equations model which permits to model endogenous relationships and un...

This paper investigates the extent and determinants of business cycle synchronization among US states during period 2002–11. Phase is not measured based on one national reference series, but rather assessed using pairwise indicators computed over cycles all state pairs. The analysis a natural intuitive measure synchronization: fraction observations when cyclical phase same for both in each pair...

Synchronization of growth rates are an important feature of international business cycles, particularly in relation to regional integration projects such as the single currency in Europe. Synchronization of growth rates clearly enhances the e¤ectiveness of European Central Bank monetary policy, ensuring that policy changes are attuned to the dynamics of growth and business cycles in the majorit...