Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2009
, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area … and US observed developments. The gap between US and euro area GDP per capita level has been 30% on average since 1970 and … there is no sign of catching up or of further widening. -- Euro area ; International Business Cycle ; European Monetary …