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This paper uses the classical (level) definition of business cycles to analyze the characteristics-duration, amplitude, steepness, and cumulative output movements-of the real GDP series of France, Germany, Italy, the rest of the euro area, and the United States. An index of concordance and its test statistic suggest a great deal of comovement/synchronization between output cycles. Following that result, a dynamic factor model is estimated. Output fluctuations are mostly explained by a global common component and an euro area common component. However, idiosyncratic components also matter, especially for France, the rest of the euro area, and the United States.

Econometrics --- Inflation --- Macroeconomics --- Taxation --- Business Fluctuations --- Cycles --- Model Construction and Estimation --- International Policy Coordination and Transmission --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Price Level --- Deflation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Classification Methods --- Cluster Analysis --- Principal Components --- Factor Models --- Economic growth --- Welfare & benefit systems --- Econometrics & economic statistics --- Business cycles --- Cyclical indicators --- Social security contributions --- Factor models --- Prices --- Taxes --- Econometric analysis --- Social security --- Econometric models --- United States