期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2013
卷号：2013
出版社：Suomen Pankki = Bank of Finland
摘要：While it is painfully clear that the ever closermonetary and nancial union in the EU has run into serious trouble there has been very little study of the degree to which the countries have become similar or di¤erent in their economic growth dynamics. This paper therefore goes beyond the traditional convergence literature to look at their dynamic convergence and explore the path of their changing similarity in the frequency domain. The results show that while a core group of countries may be developing together, there appears to be at least seven identi able groups of countries with di¤erent growth dynamics. Greece appears to be in a class on its own. Business cycles are important but longer-term trends and higher frequency uctuations all have a role to play in facilitating adjustment. These results provide awkward implications for policy, particularly for those who thought that simply having a union would draw countries closer together (endogenous OCA criteria).
关键词：Business cycles; growth cycles; frequency domain; wavelet analysis;cluster analysis; euro area; European Union; optimal currency area
