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

This paper seeks to assess comovements and heterogeneity in the euro area by fitting a nonstationary dynamic factor model (Bai and Ng, 2004), augmented with a s

In this paper we rely on techniques recently developed by Bai and Ng (2004a) to estimate common euro-area stationary and non-stationary factors using a large-sc

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