Sectoral Business Cycle Synchronization in the European Union

Antonio Afonso and Davide Furceri

No 2007/02, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

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, implying that it contributes only marginally to the aggregate output business cycle synchronization.

Keywords: EMU Enlargement; Stabilisation; Synchronization; Sectoral Business Cycle. (search for similar items in EconPapers)
JEL-codes: E32 F15 F41 F42 (search for similar items in EconPapers)
Date: 2007-01
New Economics Papers: this item is included in nep-eec and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Related works:
Journal Article: Sectoral Business Cycle Synchronization in the European Union (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ise:isegwp:wp22007

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