Afonso, António (contributor); Furceri, Davide (contributor) - 2007
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union …, business cycles are not yet well synchronized with the euro area's business cycle, and risk-sharing mechanisms may not provide … the UK appear to be more synchronized with
the EMU-wide cycle than some euro area members, such as Greece and Finland …