Lars Jonung

Professor emeritus

Business Cycle Synchronization In Europe : Evidence From The Scandinavian Currency Union

Författare

Lars Jonung
Ulf Michael Bergman

Summary, in English

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.

Publiceringsår

2011-02-21

Språk

Engelska

Sidor

268-292

Publikation/Tidskrift/Serie

Manchester School

Volym

Issue

Länkar