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This book offers the reader a state-of-the-art overview on theory and empirics of business cycle synchronisation, structural reform and economic integration. Focusing on the ongoing integration process in the euro area and the EU, it analyses the economic integration that has taken place since the 1980s and which is marked by the advent of the euro and the substantial enlargement that resulted from the accession of 12 new Member States in Eastern and Southern Europe.

Business cycles -- Europe. --- Business cycles. --- Euro area. --- Europe--Economic integration. --- Monetary unions -- Europe. --- Business & Economics --- Economic History --- International economic integration. --- European Union countries --- Economic integration. --- Economic policy. --- Macroeconomics. --- European Economic Community literature. --- Economics. --- European Integration. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Policy. --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- European Economic Community lite. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Europe --- EU countries --- Euroland

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This book offers the reader a state-of-the-art overview on theory and empirics of business cycle synchronisation, structural reform and economic integration. Focusing on the ongoing integration process in the euro area and the EU, it analyses the economic integration that has taken place since the 1980s and which is marked by the advent of the euro and the substantial enlargement that resulted from the accession of 12 new Member States in Eastern and Southern Europe.

Macroeconomics --- Methodology of economics --- Economic policy and planning (general) --- Economics --- Business management --- Business economics --- financieel management --- bedrijfseconomie --- economie --- economische politiek --- macro-economie --- Europese eenmaking --- Europe

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Business cycles --- European Union countries --- -European Union countries --- -Economic integration --- Economic policy

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In this paper we study the macroeconomic effects of large exchange rate appreciations. In a sample of 128 countries since 1960, we identify 25 episodes of large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show that an exchange rate appreciation can have strong effects on current account balances. Within three years after the appreciation event, the current account balance on average deteriorates by three percentage points of GDP. This effect occurs through a reduction of savings without a meaningful reduction in investment. Real export growth slows down substantially, while imports remain by and large unaffected. However, the output costs of appreciation are small and not statistically significant, indicating a shift towards domestic sources of growth. All these effects appear somewhat more pronounced in developing countries.

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In spite of the widespread use of the concept of potential output in economic theory and empirical applications as well as in economic policy debates, the historical background and the assumptions inherent to this concept are rarely made transparent, let alone critically questioned. Against this background this book sets out to determine the extent to which the concept of potential output rests on clearly defined theoretical foundations and how far prevailing empirical quantification methods really provide reliable insights into potential output growth of an economy. In addition, the authors examine alternative methods for a forward-looking assessment of potential output growth.