Coherence of output gaps in the euro area: The impact of the COVID-19 shock

Jakob de Haan*, Jan P. A. M. Jacobs, Renske Zijm

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

4 Citations (Scopus)
25 Downloads (Pure)

Abstract

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.

Original languageEnglish
Article number102369
Number of pages13
JournalEuropean Journal of Political Economy
Volume84
Early online date27-Feb-2023
DOIs
Publication statusPublished - Sept-2024

Keywords

  • Business cycle coherence
  • COVID19 crisis
  • Euro area
  • Output gaps
  • Synchronization

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