Catching the Flu from the United States:Synchronisation and Transmission Mechanisms to the Euro Area

The fact that the United States is considered the 'engine' of the world economy has been puzzling for decades. How can it be that an economy, which represents only less than a fourth of world GDP, could still have such a role, particularly when large and fast growing economic players, such as China, are potently emerging in the global economy?

This book explores how and to what extent economic developments in the United States transmit to the Euro area. The issue is examined from different perspectives and using different methodologies. The chapters of the book bring together up-to-date research and stylized facts on the various channels of shock transmission, with special emphasis on financial and trade linkages.

This book is essential reading for all interested in International Economics and Business Cycle Analysis.

Flippo di Mauro is Head of the External Developments Division at the European Central Bank (ECB). His division is in charge of the international forecast, medium-term FX analysis and the balance of payments of the Euro area. He started his career in 1984 at the Research Department of the Central Bank of Italy, following a short period of consulting at the OECD. Prior to joining the ECB in 1998, he also held various economist positions at the IMF and the Asian Development Bank. He has published extensively in the areas of international linkages, trade and competitiveness, with a special focus on the Euro area.
Stephane Dees is Principal Economist in the External Developments Division at the European Central Bank. He earned his PhD in 1999 from the University of Bordeaux. He previously worked for the National Institute for Economic and Social research (NIESR) and the Centre d'Etudes Prospectives et d'Informations Internationales (CEPII). He has published in several academic journals
Marco J. Lombardi has been an economist in the External Developments Division of the European Central Bank since 2008. His tasks include the monitoring and analysis of commodity markets and FX. Prior to joining the ECB, he was Max Weber Fellow at the European University Institute and an Assistant Professor at the University of Pisa. He has a PhD in Applied Statistics and has published several articles in academic journals, including Journal of Applied Econometrics, Econometrics Journal and the IEEE Transaction on Signal Processing.