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Title: Patterns of convergence and Divergence in the Euro Area

Author(s): Ángel Estrada García, Jordi Galí and David Lopez-Salido

Publication Date: October 2013

Keyword(s): competitiveness, current account imbalances, inflation differentials, labor markets, macroeconomic convergence and relative prices

Programme Area(s): International Macroeconomics

Abstract: We study the extent of macroeconomic convergence/divergence among euro area countries. Our analysis focuses on four variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary union as a convergence factor by using non-euro developed economies and the pre-EMU period as control samples.

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Bibliographic Reference

Estrada García, Á, Galí, J and Lopez-Salido, D. 2013. 'Patterns of convergence and Divergence in the Euro Area'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=9685