This paper surveys the optimum currency area (OCA) literature. It is organised into four
phases: the" pioneering phase" which put forward the OCA theory and its properties, the" …

This survey of business cycle synchronization in the European monetary union focuses on
two issues: have business cycles become more similar, and which factors drive business …

In this review, we portray findings and conceptualizations of selected empirical studies on
policy convergence and related concepts. The article reveals that there is no homogenous …

Proper conduct of monetary policy requires understanding the monetary transmission
mechanism, to monitor the economy, make decisions on the stance of policy, and explain …

Can the Federal Reserve or the European Central Bank (ECB) be held responsible for price
stability, regardless of how fiscal policy is conducted? Is legal independence sufficient to …

This paper examines business cycle synchronization in the European Monetary Union with
a special focus on the core-periphery pattern in the aftermath of the crisis. Using a quarterly …

Drawing on recent Eurosystem research that uses a range of econometric techniques and a
number of new data sets, we propose a comprehensive description of how monetary policy …

This paper investigates breaks in the variability and comovement of output, consumption,
and investment in the G-7 economies. In contrast with most other papers on comovement …

This paper presents stylised facts about the business cycle of the euro area. The results
suggest that the stylised facts for the euro area economy and the US are very similar. The …

This paper presents evidence on the lag between monetary policy actions and the response
of inflation in the euro area as a whole as well as in some of its core countries, notably …