One money with several cycles? Evaluation of European business cycles using cluster analysis. ACES Cases No. 2009.3

Optimal currency area theory suggests that business cycle comovement is a sufficient condition for monetary union, particularly if there are low levels of labour mobility between potential members of the monetary union. Previous studies of co-movement of business cycle variables (mainly authored by Artis and Zhang in the late 1990s) found that there was a core of member states in the EU that could be grouped together as having similar business cycle comovements, but these studies always used Germany as the country against which to compare. In this study, the analysis of Artis and Zhang is extended and updated but correlating against both German and euro area macroeconomic aggregates and using more recent techniques in cluster analysis, namely model-based clustering techniques.

The cluster variable RR Lyrae.

Signed: C.C. Kiess.

Cluster of gems : a choice collection of piano-forte pieces for advanced players.

Each piece paged separately.

Cluster : inside earth's magnetic shield.

Mode of access: Internet.

Administrative support cluster /

"Printed by the Authority of the State of Illinois, November 1997, 1.5M 133-41 No. 708".

Agricultural laboratory and field technician cluster /

Project staff: Sharon Schwarz, William Schreck, Ron Reische, Christina Harshman-Wells, Jeff Moss.

Automotive technician cluster /

"Printed by the authority of the State of Illinois, October 2000, 1.545M CC-41 No. 270."

Beef production cluster /

Project staff: Sharon Schwarz, William Schreck, Gayla Sargent.

Clinical laboratory science/biotechnology cluster /

Project staff: Joseph A. Bonefeste, Kathryn Torricelli, Jane Adrian. Cf. p. [2] of cover.

Collision repair technician cluster /

Project staff: Ron Engstrom, Shannon Pekins.--P. [2] of cover.

Floristry cluster /

"Printed by the Authority of the State of Illinois, March 1997, 1.5M 326-10 No. 705".

Foodservice cluster /

"Printed by the Authority of the State of Illinois, July 1997, 1.5M 022-41 No. 705".