Meta-Analysis of the Business Cycle Correlation between the Euro Area and the CEECs
CESifo, Munich, 2006
CESifo Working Paper No. 1693
![](https://cesifo.org/DocImg/cesifo1_wp1693.jpg?c=1689236850)
We review the literature on business cycle correlation between the euro area and the Central and Eastern European countries (CEECs), a topic that has gained attention as the newest EU members approach monetary union. Our meta-analysis of 35 identified publications suggests some CEECs already have comparably high correlation with the euro area business cycle. We find that estimation methodologies can have a significant effect on correlation coefficients. While CEEC central bankers tend to be more conservative in their estimates than academics or eurosystem researchers, we find no evidence of a geographical bias in the studies.