We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business...

In this paper, the authors construct country-specific chronologies of the house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a combination of a fundamental approach and a filter approach. The resulting speculative bubble chronology is...

The NIESR’s monthly GDP series is an innovative feature; most GDP estimates are published at an annual, or quarterly frequency at best. For purposes of dating the business cycle the availability of this series is an asset, unexploited until this paper. The paper applies a version of the...

The Review is pleased to give hospitality to CLARE Group articles, but is not necessarily in agreement with the views expressed. Members of the CLARE Group are M.J. Artis, T. Besley, A.J.C. Britton, W.J. Carlin, J.S. Flemming, C.A.E. Goodhart, J.A. Kay, R.C.O. Matthews, D.K. Miles, M.H. Miller,...

The National Institute had planned a seminar to mark the launch of Christopher Dow's new book Major Recessions. The seminar had to be cancelled, because Christopher Dow died a few days before it was due to be held. As some kind of substitute, the CLARE Group decided to publish this review...

The 'Stability Pact' agreed at the Dublin Summit in December 1996 and concluded at the Amsterdam European Council in June 1997 prescribes sanctions for countries that breach the Maastricht deficit ceiling in stage three of European Monetary Union. This paper explores the central provisions and...