Business cycle patterns in European regions

被引:7
|
作者
Gomez-Loscos, Ana [1 ]
Gadea, M. Dolores [2 ]
Bandres, Eduardo [2 ,3 ]
机构
[1] Banco Espana, Alcala 48, Madrid 28014, Spain
[2] Univ Zaragoza, Gran Via 4, Zaragoza 50005, Spain
[3] Funcas, Madrid, Spain
关键词
Business cycle dating; Comovements; Clusters; Regions; Finite Mixture Markov models;
D O I
10.1007/s00181-019-01743-z
中图分类号
F [经济];
学科分类号
02 ;
摘要
The aim of this paper is threefold. First, we analyze the comovements of business cycles in European regions. Second, we date these business cycles and identify clusters of regions with similar business cycle behavior, using Finite Mixture Markov models. Third, we develop a new index to measure within-country homogeneity. We find that comovement among regions is, on average, quite low, although it increased during the convergence process prior to the euro cash and after the onset of the Great Recession. We identify five different groups of European regions. We also find heterogeneity in the size of border effects.
引用
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页码:2639 / 2661
页数:23
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