Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using a long sample period. We also analyze the impact of the COVID-19 pandemic on business cycle coherence and examine whether our measures for business cycle coherence indicate a core versus periphery within EMU. Our results suggest that business cycle coherence did not increase monotonically. The COVID-19 pandemic made that the signs of the output gaps of euro area countries became more similar, but we find large differences in the amplitude of the output gaps across countries.
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| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC9969753 | PMC |
| http://dx.doi.org/10.1016/j.ejpoleco.2023.102369 | DOI Listing |
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