Business cycle synchronization in Europe: Evidence from the Scandinavian Currency Union

Ulf Michael Bergman; Lars Jonung

doi:10.1111/j.1467-9957.2010.02237.x

Business cycle synchronization in Europe: Evidence from the Scandinavian Currency Union

Ulf Michael Bergman, Lars Jonung

Økonomisk Institut

5 Citationer (Scopus)

Abstract

In this paper we study business cycle synchronization in the three Scandinavian countries Denmark, Norway and Sweden prior to, during and after the Scandinavian Currency Union 1873–1913. We find that the degree of synchronization tended to increase during the currency union, thus supporting earlier empirical evidence. Estimates of factor models suggest that common Scandinavian shocks are important for these three countries. At the same time we find evidence suggesting that the importance of these shocks does not depend on the monetary regime.

Originalsprog	Engelsk
Tidsskrift	Manchester School
Vol/bind	79
Udgave nummer	2
Sider (fra-til)	268-292
Antal sider	25
ISSN	1463-6786
DOI	https://doi.org/10.1111/j.1467-9957.2010.02237.x
Status	Udgivet - mar. 2011

Adgang til dokumentet

10.1111/j.1467-9957.2010.02237.x

Citationsformater

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abstract = "In this paper we study business cycle synchronization in the three Scandinavian countries Denmark, Norway and Sweden prior to, during and after the Scandinavian Currency Union 1873–1913. We find that the degree of synchronization tended to increase during the currency union, thus supporting earlier empirical evidence. Estimates of factor models suggest that common Scandinavian shocks are important for these three countries. At the same time we find evidence suggesting that the importance of these shocks does not depend on the monetary regime.",

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AB - In this paper we study business cycle synchronization in the three Scandinavian countries Denmark, Norway and Sweden prior to, during and after the Scandinavian Currency Union 1873–1913. We find that the degree of synchronization tended to increase during the currency union, thus supporting earlier empirical evidence. Estimates of factor models suggest that common Scandinavian shocks are important for these three countries. At the same time we find evidence suggesting that the importance of these shocks does not depend on the monetary regime.

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