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Paper #1386

Patterns of convergence and divergence in the euro area
┴ngel Estrada, Jordi GalÝ i David Lˇpez-Salido
Octubre 2013
We study the extent of macroeconomic convergence/divergence among euro area countries. Our analysis focuses on four variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary union as a convergence factor by using non-euro developed economies and the pre-EMU period as control samples.
Paraules clau:
macroeconomic convergence, labor markets, competitiveness, inflation differentials, current account imbalances, relative prices.
Codis JEL:
E24, F31, O47
Àrea de Recerca:
Macroeconomia i Economia Internacional

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