In this chapter, we investigate whether the symmetry of output fluctuations in the euro area economies has increased over time and whether this synchronicity has grown since the inception of the common currency, reflecting the possible occurrence of a “euro effect”. Evidence from countries outside the euro area is also considered. In particular, EU members outside the monetary union – the New Member States (NMS), Denmark, Sweden and the UK – and the non-EU, OECD countries will be included in the study.
KeywordsBusiness Cycle Euro Area Monetary Union Euro Area Country Rolling Window
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