Using a unique dataset of the Euro-area and the US bank lending standards, we find that
low (monetary policy) short-term interest rates soften standards for household and corporate …

We use wavelet analysis to study business cycle synchronization across the EU-15 and the
Euro-12 countries. Based on the wavelet transform, we propose a metric to measure and test …

We analyze the impact on lending standards of short-term interest rates and macro-
prudential policy before the 2008 crisis, and of the provision of central bank liquidity during …

In this paper, we provide a comprehensive analysis of the time-varying interdependence
among the economic cycles of the major world economies during the post-Great Moderation …

If output gaps in a currency union are not sufficiently coherent, the common monetary policy
will not be optimal for all countries or regions in the union. It is common practice to measure …

Both global and regional economic linkages have strengthened substantially over the past
quarter century. We employ a dynamic factor model to analyze the implications of these …

The economic convergence criteria adopted in the Maastricht Treaty and the fiscal discipline
of the Stability and Growth Pact enforced nominal convergence, leaving aside real …

We develop multivariate measures of synchronicity and co-movement of business cycles. In
addition to synchronicity, the co-movement measure takes differences between cycle …

The literature on business cycle synchronization in Europe frequently presumes an alleged
'core‒periphery'pattern without providing empirical verification of the underlying cyclical …

The global financial crisis highlighted the impact on macroeconomic outcomes of recurrent
events like business and financial cycles, highs and lows in volatility, and crashes and …