Some Stylized Facts About the Euro Area Business Cycle

ECB Working Paper No. 95

44 Pages Posted: 18 Mar 2002

See all articles by Benoit Mojon

Benoit Mojon

Banque de France

Anna Maria Agresti

European Central Bank (ECB)

Date Written: December 2001

Abstract

This paper presents stylised facts about the business cycle of the Euro area economy, using the US economy and national economies within the Euro area as benchmarks. The magnitude and the timing of the Euro area fluctuations in consumption, investment, prices, inflation, interest rate, monetary aggregates relative to the fluctuations of GDP are very similar to the one observe in the US while they differ from the ones of the individual countries participating to EMU. These results are robust to different aggregation method chosen to build Euro area aggregates and to different filtering methods of macroeconomic time series.

Keywords: Euro area, business cycle, monetary policy

JEL Classification: E42, E50

Suggested Citation

Mojon, Benoit and Agresti, Anna Maria, Some Stylized Facts About the Euro Area Business Cycle (December 2001). ECB Working Paper No. 95, Available at SSRN: https://ssrn.com/abstract=303800 or http://dx.doi.org/10.2139/ssrn.303800

Benoit Mojon (Contact Author)

Banque de France ( email )

Paris
France

Anna Maria Agresti

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany