Sectoral Business Cycle Synchronization in the European Union
Economics Bulletin, Vol. 29, No. 4, pp. 2996-3014, 2009
Posted: 7 Dec 2009
There are 2 versions of this paper
Sectoral Business Cycle Synchronization in the European Union
Date Written: December 6, 2009
Abstract
This paper analyses sectoral business cycle synchronization in an enlarged European Union using annual data for the period 1980-2005. In particular, we try to identify which sector for each country is driving the aggregate output business cycle synchronization. Overall, the sectors that provide the most relevant contribution are Industry, Building and Construction, and Agriculture, Fishery and Forestry. In contrast, the Services sector, the largest one in terms of valued added share, shows a relative low business cycle synchronization and volatility, contributing only marginally to the aggregate output business cycle synchronization.
Keywords: EMU Enlargement, Stabilisation, Synchronization, Sectoral Business Cycle
JEL Classification: E32, F15, F41, F42
Suggested Citation: Suggested Citation