Business Cycle Synchronization in Europe: Evidence from the Scandinavian Currency Union

25 Pages Posted: 1 Mar 2011

See all articles by U. Michael Bergman

U. Michael Bergman

affiliation not provided to SSRN

Lars Jonung

Lund University - Dept. of Economics

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.

Suggested Citation

Bergman, U. Michael and Jonung, Lars, Business Cycle Synchronization in Europe: Evidence from the Scandinavian Currency Union. The Manchester School, Vol. 79, No. 2, pp. 268-292, 2011, Available at SSRN: https://ssrn.com/abstract=1773239 or http://dx.doi.org/10.1111/j.1467-9957.2010.02237.x

U. Michael Bergman

affiliation not provided to SSRN

No Address Available

Lars Jonung (Contact Author)

Lund University - Dept. of Economics ( email )

Box 7080
Lund, 22007
Sweden

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