Publication

This paper analyzes the synchronization of business cycles between the twelve Economic and Monetary Union (EMU) members and the eight new EU members from Central and Eastern Europe (CEECs). The authors examine major expenditure and sectoral components of GDP and use several measures of synchronization. The main findings of the paper are that Hungary, Poland and Slovenia have achieved a high degree of synchronization with EMU for GDP, industrial production and exports, but not for consumption and services. The other CEECs have achieved less or no synchronization.