El ciclo económico de Cataluña. Un análisis comparativo con la Unión Económica y Monetaria

This study analyzes the business cycle of the Catalonian region in the period 2000:1-2013:1 and its relation with the euro zone cycle. The work has two main objectives. Firstly, we characterize cyclical phases of this region and compare them with those of the euro zone, in terms of duration, amplitude and steepness and deepness asymmetry. Secondly, we determine whether the presence or absence of differences in the characteristics of the cyclical phases, affects the degree of cycles synchronization. On the one hand, we study the degree of synchronization reached by Catalonia in the first years after joining the euro zone. We determine whether the intensification of border effect and the linkages with neighboring countries/regions offset regional specific shocks. And, on the other hand, we study the intensity of decoupling and asymmetry brought on by the crisis on the economy of Catalonia in relation to the euro zone.