This paper establishes stylized facts on comovements and heterogeneity of individual euro-area countries' output and price developments in the past two decades.

Presents original and up-to-date studies in unobserved components (UC) time series models from both theoretical and methodological perspectives.

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member stat

This study identifies the main shocks that cause fluctuations in French output and their channels of transmission. It uses a large-dimensional structural approx