Table 6.
Mean output gap synchronicity and similarity before and during the European sovereign debt crisis.
| Period |
Synchronicity |
Similarity |
||
|---|---|---|---|---|
| 2007Q1–2009Q3 | 2009Q4–2012Q1 | 2007Q1–2009Q3 | 2009Q4–2012Q1 | |
| Austria | 1.00 | 0.45 | 0.86 | 0.63 |
| Belgium | 0.82 | 0.45 | 0.75 | 0.77 |
| Finland | 1.00 | 0.64 | 0.51 | 0.65 |
| France | 0.82 | 0.27 | 0.66 | 0.78 |
| Germany | 0.82 | 0.45 | 0.75 | 0.30 |
| Greece | 1.00 | 0.45 | 0.13 | −0.94 |
| Ireland | 0.09 | 0.45 | −1.40 | −1.45 |
| Italy | 1.00 | 0.45 | 0.68 | 0.47 |
| Netherlands | 0.82 | 0.82 | 0.72 | 0.76 |
| Portugal | 1.00 | 0.64 | 0.79 | 0.20 |
| Spain | 1.00 | 0.82 | 0.95 | 0.45 |
| Overall | 0.85 | 0.54 | 0.49 | 0.24 |
Note: Numbers shown refer to ten quarters before the European debt crisis and ten quarters during the European debt crisis. The last row is the mean of all 11 countries per period.