De Grauwe, Paul, Ji, Yuemei, (2016), “Synchronisation in business cycles: An endogenous explanation”, Voxeu, 7 Ιουνίου
There is a high degree of correlation between the business cycles of different countries. This is particularly the case in the Eurozone, but also among industrialised countries outside of the Eurozone. Using a two-country behavioural macroeconomic model, this column shows that the main channel for the synchronisation of business cycles is the propagation of ‘animal spirits’ – waves of optimism and pessimism that become correlated internationally.
- Persaud, Avinash, (2016), “Breaking the link between housing cycles, banking crises, and the recession”, Voxeu, 14 Απριλίου
- Dräger, Lena, Proaño, Christian R., (2016), “Cross-Border Banking and Business Cycles in Asymmetric Currency Unions”, IMK Working Paper, Nr. 161, Ιανουάριος.