| Acknowledgements | 5 |
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| Preface | 6 |
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| Contents | 9 |
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| List of Contributors | 11 |
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| General Conclusions | 12 |
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| Measuring Cyclical Comovements and Asymmetries in Growth and Business Cycles | 13 |
| Supply-side Developments | 27 |
| Cyclical Patterns in Main Components of Aggregate Demand | 36 |
| Convergence and Divergence in External Trade | 49 |
| Panel Discussion | 55 |
| Measuring Cycles | 68 |
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| Tracking the Economy in the Largest Euro Area Countries: a Large Datasets Approach | 69 |
| Assessing Aggregate Comovements in France, Germany and Italy Using a Non Stationary Factor Model of the Euro Area | 100 |
| Supply Side | 126 |
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| Capital, Labour and Productivity: What Role Do They Play in the Potential GDP Weakness of France, Germany and Italy? | 127 |
| Estimating Potential Output with a Production Function for France, Germany and Italy | 164 |
| Demand Side | 187 |
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| Synchronisation of Cycles: a Demand Side Perspective | 188 |
| Short-Run and Long-Run Comovement of GDP and Some Expenditure Aggregates in Germany, France and Italy | 209 |
| Synchronization of Responses to Cyclical Demand Shocks in France, Germany and Italy: Evidence from Central Banks Macro-models | 250 |
| External Side | 287 |
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| Market Shares and Trade Specialisation of France, Germany and Italy | 288 |
| Modelling Imports and Exports of Goods in France, Distinguishing Between Intra and Extra Euro Area Trade | 321 |
| Has the Impact of Key Determinants of German Exports Changed? | 356 |
