Synchronizacja cykli koniunkturalnych w strefie euro
Synchronization of business cycles in the euro area

Summary/Abstract: Business cycles in the euro area are highly synchronized. This applies both to classical cycles and economic growth cycles. The phases of GDP real cycle and employment cycle are broadly consistent, and correlation coefficient of output gap with the euro area in most countries are about 0.9. Cycles synchronization is promoted by a number of factors, especially by integration of the product markets, the dominance of intra-industry trade, the financial integration and the similarity of monetary policies.

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