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    • 1. Refereed Publications
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    • William Miles
    • 1. Refereed Publications
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    Did the euro common currency increase or decrease business cycle synchronization for its member countries?

    Date
    2018-07
    Author
    Miles, William
    Vijverberg, Chu-Ping C.
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    Citation
    Miles, W. and Vijverberg, C. C. (2018), Did the Euro Common Currency Increase or Decrease Business Cycle Synchronization for its Member Countries?. Economica, 85: 558-580
    Abstract
    We use two variants of Markov switching models to assess changes in output synchronization since the creation of the euro. Out of eight eurozone countries investigated, only onethe Netherlandshas synchronization increased since euro adoption, supporting the endogenous optimal currency area' argument of Frankel and Rose. However, in three other cases, business cycle synchronization actually fell since the euro's creation. Thus the endogeneity' of the optimal currency area criteria can go both waysadopting a common currency may increase synchronization for nations ready for a common currency, but it can lower synchronization for nations that are far from synchronized before monetary unification.
    Description
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    URI
    http://dx.doi.org/10.1111/ecca.12201
    http://hdl.handle.net/10057/15356
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    • 1. Refereed Publications [42]

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