id	sid	tid	token	lemma	pos
ejge-4278	1	1	cyclical	cyclical	ADJ
ejge-4278	1	2	synchronization	synchronization	NOUN
ejge-4278	1	3	in	in	ADP
ejge-4278	1	4	the	the	DET
ejge-4278	1	5	emu	emu	PROPN
ejge-4278	1	6	along	along	ADP
ejge-4278	1	7	the	the	DET
ejge-4278	1	8	financial	financial	ADJ
ejge-4278	1	9	crisis	crisis	NOUN
ejge-4278	1	10	:	:	PUNCT
ejge-4278	1	11	an	an	DET
ejge-4278	1	12	interpretation	interpretation	NOUN
ejge-4278	1	13	of	of	ADP
ejge-4278	1	14	the	the	DET
ejge-4278	1	15	conflicting	conflict	VERB
ejge-4278	1	16	signals	signal	NOUN
ejge-4278	1	17	european	european	PROPN
ejge-4278	1	18	journal	journal	PROPN
ejge-4278	1	19	of	of	ADP
ejge-4278	1	20	government	government	NOUN
ejge-4278	1	21	and	and	CCONJ
ejge-4278	1	22	economics	economic	NOUN
ejge-4278	1	23	volume	volume	NOUN
ejge-4278	1	24	1	1	NUM
ejge-4278	1	25	,	,	PUNCT
ejge-4278	1	26	number	number	NOUN
ejge-4278	1	27	1	1	NUM
ejge-4278	1	28	(	(	PUNCT
ejge-4278	1	29	june	june	PROPN
ejge-4278	1	30	2012	2012	NUM
ejge-4278	1	31	)	)	PUNCT
ejge-4278	1	32	issn	issn	PROPN
ejge-4278	1	33	:	:	PUNCT
ejge-4278	1	34	2254	2254	NUM
ejge-4278	1	35	-	-	SYM
ejge-4278	1	36	7088	7088	NUM
ejge-4278	1	37	86	86	NUM
ejge-4278	1	38	cyclical	cyclical	ADJ
ejge-4278	1	39	synchronization	synchronization	NOUN
ejge-4278	1	40	in	in	ADP
ejge-4278	1	41	the	the	DET
ejge-4278	1	42	emu	emu	PROPN
ejge-4278	1	43	along	along	ADP
ejge-4278	1	44	the	the	DET
ejge-4278	1	45	financial	financial	ADJ
ejge-4278	1	46	crisis	crisis	NOUN
ejge-4278	1	47	:	:	PUNCT
ejge-4278	1	48	an	an	DET
ejge-4278	1	49	interpretation	interpretation	NOUN
ejge-4278	1	50	of	of	ADP
ejge-4278	1	51	the	the	DET
ejge-4278	1	52	conflicting	conflict	VERB
ejge-4278	1	53	signals	signal	NOUN
ejge-4278	1	54	josé	josé	PROPN
ejge-4278	1	55	ramón	ramón	PROPN
ejge-4278	1	56	cancelo	cancelo	PROPN
ejge-4278	1	57	,	,	PUNCT
ejge-4278	1	58	university	university	NOUN
ejge-4278	1	59	of	of	ADP
ejge-4278	1	60	a	a	DET
ejge-4278	1	61	coruña	coruña	NOUN
ejge-4278	1	62	,	,	PUNCT
ejge-4278	1	63	spain	spain	PROPN
ejge-4278	1	64	*	*	PUNCT
ejge-4278	2	1	abstract	abstract	INTJ
ejge-4278	2	2	we	we	PRON
ejge-4278	2	3	analyze	analyze	VERB
ejge-4278	2	4	how	how	SCONJ
ejge-4278	2	5	cyclical	cyclical	ADJ
ejge-4278	2	6	synchronization	synchronization	NOUN
ejge-4278	2	7	in	in	ADP
ejge-4278	2	8	the	the	DET
ejge-4278	2	9	emu	emu	PROPN
ejge-4278	2	10	evolved	evolve	VERB
ejge-4278	2	11	since	since	SCONJ
ejge-4278	2	12	the	the	DET
ejge-4278	2	13	onset	onset	NOUN
ejge-4278	2	14	of	of	ADP
ejge-4278	2	15	the	the	DET
ejge-4278	2	16	current	current	ADJ
ejge-4278	2	17	financial	financial	ADJ
ejge-4278	2	18	crisis	crisis	NOUN
ejge-4278	2	19	.	.	PUNCT
ejge-4278	3	1	the	the	DET
ejge-4278	3	2	standard	standard	ADJ
ejge-4278	3	3	measures	measure	NOUN
ejge-4278	3	4	of	of	ADP
ejge-4278	3	5	cyclical	cyclical	ADJ
ejge-4278	3	6	correlation	correlation	NOUN
ejge-4278	3	7	suggest	suggest	VERB
ejge-4278	3	8	that	that	SCONJ
ejge-4278	3	9	while	while	SCONJ
ejge-4278	3	10	the	the	DET
ejge-4278	3	11	cycle	cycle	NOUN
ejge-4278	3	12	of	of	ADP
ejge-4278	3	13	the	the	DET
ejge-4278	3	14	euro	euro	PROPN
ejge-4278	3	15	area	area	NOUN
ejge-4278	3	16	became	become	VERB
ejge-4278	3	17	more	more	ADV
ejge-4278	3	18	aligned	aligned	ADJ
ejge-4278	3	19	with	with	ADP
ejge-4278	3	20	the	the	DET
ejge-4278	3	21	cycles	cycle	NOUN
ejge-4278	3	22	of	of	ADP
ejge-4278	3	23	other	other	ADJ
ejge-4278	3	24	developed	develop	VERB
ejge-4278	3	25	economies	economy	NOUN
ejge-4278	3	26	,	,	PUNCT
ejge-4278	3	27	the	the	DET
ejge-4278	3	28	emu	emu	PROPN
ejge-4278	3	29	itself	itself	PRON
ejge-4278	3	30	apparently	apparently	ADV
ejge-4278	3	31	entered	enter	VERB
ejge-4278	3	32	into	into	ADP
ejge-4278	3	33	a	a	DET
ejge-4278	3	34	phase	phase	NOUN
ejge-4278	3	35	of	of	ADP
ejge-4278	3	36	cyclical	cyclical	ADJ
ejge-4278	3	37	divergence	divergence	NOUN
ejge-4278	3	38	.	.	PUNCT
ejge-4278	4	1	we	we	PRON
ejge-4278	4	2	show	show	VERB
ejge-4278	4	3	that	that	SCONJ
ejge-4278	4	4	as	as	ADP
ejge-4278	4	5	a	a	DET
ejge-4278	4	6	matter	matter	NOUN
ejge-4278	4	7	of	of	ADP
ejge-4278	4	8	fact	fact	NOUN
ejge-4278	4	9	the	the	DET
ejge-4278	4	10	bulk	bulk	NOUN
ejge-4278	4	11	of	of	ADP
ejge-4278	4	12	the	the	DET
ejge-4278	4	13	member	member	NOUN
ejge-4278	4	14	states	state	NOUN
ejge-4278	4	15	remained	remain	VERB
ejge-4278	4	16	closely	closely	ADV
ejge-4278	4	17	aligned	align	VERB
ejge-4278	4	18	,	,	PUNCT
ejge-4278	4	19	and	and	CCONJ
ejge-4278	4	20	the	the	DET
ejge-4278	4	21	seeming	seeming	ADJ
ejge-4278	4	22	decline	decline	NOUN
ejge-4278	4	23	in	in	ADP
ejge-4278	4	24	synchronization	synchronization	NOUN
ejge-4278	4	25	is	be	AUX
ejge-4278	4	26	due	due	ADJ
ejge-4278	4	27	to	to	ADP
ejge-4278	4	28	a	a	DET
ejge-4278	4	29	few	few	ADJ
ejge-4278	4	30	countries	country	NOUN
ejge-4278	4	31	decoupling	decouple	VERB
ejge-4278	4	32	from	from	ADP
ejge-4278	4	33	the	the	DET
ejge-4278	4	34	euro	euro	PROPN
ejge-4278	4	35	area	area	NOUN
ejge-4278	4	36	.	.	PUNCT
ejge-4278	5	1	next	next	ADV
ejge-4278	5	2	we	we	PRON
ejge-4278	5	3	present	present	VERB
ejge-4278	5	4	empirical	empirical	ADJ
ejge-4278	5	5	evidence	evidence	NOUN
ejge-4278	5	6	that	that	SCONJ
ejge-4278	5	7	the	the	DET
ejge-4278	5	8	foundations	foundation	NOUN
ejge-4278	5	9	that	that	PRON
ejge-4278	5	10	explain	explain	VERB
ejge-4278	5	11	the	the	DET
ejge-4278	5	12	evolution	evolution	NOUN
ejge-4278	5	13	of	of	ADP
ejge-4278	5	14	the	the	DET
ejge-4278	5	15	national	national	ADJ
ejge-4278	5	16	cycles	cycle	NOUN
ejge-4278	5	17	against	against	ADP
ejge-4278	5	18	the	the	DET
ejge-4278	5	19	emu	emu	PROPN
ejge-4278	5	20	aggregate	aggregate	ADJ
ejge-4278	5	21	through	through	ADP
ejge-4278	5	22	the	the	DET
ejge-4278	5	23	crisis	crisis	NOUN
ejge-4278	5	24	were	be	AUX
ejge-4278	5	25	already	already	ADV
ejge-4278	5	26	latent	latent	ADJ
ejge-4278	5	27	in	in	ADP
ejge-4278	5	28	2007	2007	NUM
ejge-4278	5	29	.	.	PUNCT
ejge-4278	6	1	greece	greece	PROPN
ejge-4278	6	2	and	and	CCONJ
ejge-4278	6	3	ireland	ireland	PROPN
ejge-4278	6	4	deviate	deviate	VERB
ejge-4278	6	5	from	from	ADP
ejge-4278	6	6	the	the	DET
ejge-4278	6	7	general	general	ADJ
ejge-4278	6	8	pattern	pattern	NOUN
ejge-4278	6	9	,	,	PUNCT
ejge-4278	6	10	the	the	DET
ejge-4278	6	11	former	former	ADJ
ejge-4278	6	12	because	because	SCONJ
ejge-4278	6	13	of	of	ADP
ejge-4278	6	14	its	its	PRON
ejge-4278	6	15	loose	loose	ADJ
ejge-4278	6	16	fiscal	fiscal	ADJ
ejge-4278	6	17	policy	policy	NOUN
ejge-4278	6	18	all	all	ADV
ejge-4278	6	19	along	along	ADP
ejge-4278	6	20	the	the	DET
ejge-4278	6	21	period	period	NOUN
ejge-4278	6	22	2000	2000	NUM
ejge-4278	6	23	-	-	SYM
ejge-4278	6	24	2007	2007	NUM
ejge-4278	6	25	,	,	PUNCT
ejge-4278	6	26	and	and	CCONJ
ejge-4278	6	27	the	the	DET
ejge-4278	6	28	latter	latter	ADJ
ejge-4278	6	29	due	due	ADP
ejge-4278	6	30	to	to	ADP
ejge-4278	6	31	the	the	DET
ejge-4278	6	32	flexibility	flexibility	NOUN
ejge-4278	6	33	of	of	ADP
ejge-4278	6	34	its	its	PRON
ejge-4278	6	35	labor	labor	NOUN
ejge-4278	6	36	market	market	NOUN
ejge-4278	6	37	.	.	PUNCT
ejge-4278	7	1	jel	jel	PROPN
ejge-4278	7	2	classification	classification	PROPN
ejge-4278	7	3	e32	e32	NOUN
ejge-4278	7	4	;	;	PUNCT
ejge-4278	7	5	f42	f42	PROPN
ejge-4278	7	6	;	;	PUNCT
ejge-4278	7	7	f44	f44	NOUN
ejge-4278	7	8	keywords	keyword	NOUN
ejge-4278	7	9	international	international	ADJ
ejge-4278	7	10	business	business	NOUN
ejge-4278	7	11	cycles	cycle	NOUN
ejge-4278	7	12	;	;	PUNCT
ejge-4278	7	13	euro	euro	NOUN
ejge-4278	7	14	area	area	NOUN
ejge-4278	7	15	;	;	PUNCT
ejge-4278	7	16	cyclical	cyclical	ADJ
ejge-4278	7	17	convergence	convergence	NOUN
ejge-4278	7	18	;	;	PUNCT
ejge-4278	7	19	asymmetric	asymmetric	ADJ
ejge-4278	7	20	responses	response	NOUN
ejge-4278	7	21	*	*	PUNCT
ejge-4278	7	22	address	address	NOUN
ejge-4278	7	23	for	for	ADP
ejge-4278	7	24	correspondence	correspondence	NOUN
ejge-4278	7	25	:	:	PUNCT
ejge-4278	8	1	josé	josé	PROPN
ejge-4278	8	2	ramón	ramón	PROPN
ejge-4278	8	3	cancelo	cancelo	PROPN
ejge-4278	8	4	,	,	PUNCT
ejge-4278	8	5	university	university	NOUN
ejge-4278	8	6	of	of	ADP
ejge-4278	8	7	a	a	DET
ejge-4278	8	8	coruña	coruña	NOUN
ejge-4278	8	9	,	,	PUNCT
ejge-4278	8	10	faculty	faculty	NOUN
ejge-4278	8	11	of	of	ADP
ejge-4278	8	12	economics	economic	NOUN
ejge-4278	8	13	and	and	CCONJ
ejge-4278	8	14	business	business	NOUN
ejge-4278	8	15	,	,	PUNCT
ejge-4278	8	16	campus	campus	PROPN
ejge-4278	8	17	de	de	X
ejge-4278	8	18	elviña	elviña	ADJ
ejge-4278	8	19	,	,	PUNCT
ejge-4278	8	20	15071	15071	NUM
ejge-4278	8	21	a	a	DET
ejge-4278	8	22	coruña	coruña	NOUN
ejge-4278	8	23	,	,	PUNCT
ejge-4278	8	24	spain	spain	PROPN
ejge-4278	8	25	.	.	PUNCT
ejge-4278	9	1	e	e	X
ejge-4278	9	2	-	-	NOUN
ejge-4278	9	3	mail	mail	NOUN
ejge-4278	9	4	:	:	PUNCT
ejge-4278	9	5	jramon@udc.es	jramon@udc.es	PROPN
ejge-4278	9	6	.	.	PROPN
ejge-4278	9	7	doi	doi	PROPN
ejge-4278	9	8	:	:	PUNCT
ejge-4278	9	9	https://doi.org/10.17979/ejge.2012.1.1.4278	https://doi.org/10.17979/ejge.2012.1.1.4278	PROPN
ejge-4278	9	10	european	european	PROPN
ejge-4278	9	11	journal	journal	PROPN
ejge-4278	9	12	of	of	ADP
ejge-4278	9	13	government	government	NOUN
ejge-4278	9	14	and	and	CCONJ
ejge-4278	9	15	economics	economic	NOUN
ejge-4278	9	16	1(1	1(1	NUM
ejge-4278	9	17	)	)	PUNCT
ejge-4278	9	18	87	87	NUM
ejge-4278	9	19	introduction	introduction	NOUN
ejge-4278	9	20	cyclical	cyclical	ADJ
ejge-4278	9	21	synchronization	synchronization	NOUN
ejge-4278	9	22	has	have	AUX
ejge-4278	9	23	always	always	ADV
ejge-4278	9	24	been	be	AUX
ejge-4278	9	25	regarded	regard	VERB
ejge-4278	9	26	as	as	ADP
ejge-4278	9	27	a	a	DET
ejge-4278	9	28	primary	primary	ADJ
ejge-4278	9	29	indicator	indicator	NOUN
ejge-4278	9	30	to	to	PART
ejge-4278	9	31	evaluate	evaluate	VERB
ejge-4278	9	32	the	the	DET
ejge-4278	9	33	running	running	NOUN
ejge-4278	9	34	of	of	ADP
ejge-4278	9	35	the	the	DET
ejge-4278	9	36	european	european	PROPN
ejge-4278	9	37	monetary	monetary	PROPN
ejge-4278	9	38	union	union	PROPN
ejge-4278	9	39	(	(	PUNCT
ejge-4278	9	40	emu	emu	PROPN
ejge-4278	9	41	)	)	PUNCT
ejge-4278	9	42	.	.	PUNCT
ejge-4278	10	1	since	since	SCONJ
ejge-4278	10	2	its	its	PRON
ejge-4278	10	3	very	very	ADJ
ejge-4278	10	4	formation	formation	NOUN
ejge-4278	10	5	,	,	PUNCT
ejge-4278	10	6	the	the	DET
ejge-4278	10	7	euro	euro	PROPN
ejge-4278	10	8	area	area	NOUN
ejge-4278	10	9	congregated	congregate	VERB
ejge-4278	10	10	a	a	DET
ejge-4278	10	11	bunch	bunch	NOUN
ejge-4278	10	12	of	of	ADP
ejge-4278	10	13	countries	country	NOUN
ejge-4278	10	14	with	with	ADP
ejge-4278	10	15	marked	mark	VERB
ejge-4278	10	16	structural	structural	ADJ
ejge-4278	10	17	differences	difference	NOUN
ejge-4278	10	18	,	,	PUNCT
ejge-4278	10	19	heterogeneous	heterogeneous	ADJ
ejge-4278	10	20	institutional	institutional	ADJ
ejge-4278	10	21	settings	setting	NOUN
ejge-4278	10	22	,	,	PUNCT
ejge-4278	10	23	and	and	CCONJ
ejge-4278	10	24	high	high	ADJ
ejge-4278	10	25	risks	risk	NOUN
ejge-4278	10	26	of	of	ADP
ejge-4278	10	27	experiencing	experience	VERB
ejge-4278	10	28	asymmetric	asymmetric	ADJ
ejge-4278	10	29	shocks	shock	NOUN
ejge-4278	10	30	or	or	CCONJ
ejge-4278	10	31	displaying	display	VERB
ejge-4278	10	32	asymmetric	asymmetric	ADJ
ejge-4278	10	33	responses	response	NOUN
ejge-4278	10	34	to	to	ADP
ejge-4278	10	35	common	common	ADJ
ejge-4278	10	36	shocks	shock	NOUN
ejge-4278	10	37	.	.	PUNCT
ejge-4278	11	1	in	in	ADP
ejge-4278	11	2	spite	spite	NOUN
ejge-4278	11	3	of	of	ADP
ejge-4278	11	4	that	that	PRON
ejge-4278	11	5	,	,	PUNCT
ejge-4278	11	6	they	they	PRON
ejge-4278	11	7	agreed	agree	VERB
ejge-4278	11	8	to	to	PART
ejge-4278	11	9	surrender	surrender	VERB
ejge-4278	11	10	monetary	monetary	ADJ
ejge-4278	11	11	and	and	CCONJ
ejge-4278	11	12	exchange	exchange	NOUN
ejge-4278	11	13	rate	rate	NOUN
ejge-4278	11	14	policies	policy	NOUN
ejge-4278	11	15	to	to	ADP
ejge-4278	11	16	a	a	DET
ejge-4278	11	17	central	central	ADJ
ejge-4278	11	18	authority	authority	NOUN
ejge-4278	11	19	,	,	PUNCT
ejge-4278	11	20	and	and	CCONJ
ejge-4278	11	21	hence	hence	ADV
ejge-4278	11	22	to	to	ADP
ejge-4278	11	23	losing	lose	VERB
ejge-4278	11	24	control	control	NOUN
ejge-4278	11	25	of	of	ADP
ejge-4278	11	26	key	key	ADJ
ejge-4278	11	27	instruments	instrument	NOUN
ejge-4278	11	28	to	to	PART
ejge-4278	11	29	stabilize	stabilize	VERB
ejge-4278	11	30	their	their	PRON
ejge-4278	11	31	economies	economy	NOUN
ejge-4278	11	32	.	.	PUNCT
ejge-4278	12	1	it	it	PRON
ejge-4278	12	2	was	be	AUX
ejge-4278	12	3	thought	think	VERB
ejge-4278	12	4	that	that	SCONJ
ejge-4278	12	5	such	such	ADJ
ejge-4278	12	6	loss	loss	NOUN
ejge-4278	12	7	would	would	AUX
ejge-4278	12	8	be	be	AUX
ejge-4278	12	9	compensated	compensate	VERB
ejge-4278	12	10	by	by	ADP
ejge-4278	12	11	the	the	DET
ejge-4278	12	12	endogenous	endogenous	ADJ
ejge-4278	12	13	mechanisms	mechanism	NOUN
ejge-4278	12	14	of	of	ADP
ejge-4278	12	15	convergence	convergence	NOUN
ejge-4278	12	16	of	of	ADP
ejge-4278	12	17	the	the	DET
ejge-4278	12	18	currency	currency	NOUN
ejge-4278	12	19	area	area	NOUN
ejge-4278	12	20	,	,	PUNCT
ejge-4278	12	21	the	the	DET
ejge-4278	12	22	power	power	NOUN
ejge-4278	12	23	of	of	ADP
ejge-4278	12	24	national	national	ADJ
ejge-4278	12	25	fiscal	fiscal	ADJ
ejge-4278	12	26	policies	policy	NOUN
ejge-4278	12	27	to	to	PART
ejge-4278	12	28	offset	offset	VERB
ejge-4278	12	29	idiosyncratic	idiosyncratic	ADJ
ejge-4278	12	30	shocks	shock	NOUN
ejge-4278	12	31	,	,	PUNCT
ejge-4278	12	32	and	and	CCONJ
ejge-4278	12	33	the	the	DET
ejge-4278	12	34	adoption	adoption	NOUN
ejge-4278	12	35	of	of	ADP
ejge-4278	12	36	structural	structural	ADJ
ejge-4278	12	37	reforms	reform	NOUN
ejge-4278	12	38	that	that	PRON
ejge-4278	12	39	would	would	AUX
ejge-4278	12	40	make	make	VERB
ejge-4278	12	41	the	the	DET
ejge-4278	12	42	weaker	weak	ADJ
ejge-4278	12	43	economies	economy	NOUN
ejge-4278	12	44	more	more	ADV
ejge-4278	12	45	competitive	competitive	ADJ
ejge-4278	12	46	.	.	PUNCT
ejge-4278	13	1	the	the	DET
ejge-4278	13	2	first	first	ADJ
ejge-4278	13	3	years	year	NOUN
ejge-4278	13	4	of	of	ADP
ejge-4278	13	5	the	the	DET
ejge-4278	13	6	emu	emu	PROPN
ejge-4278	13	7	witnessed	witness	VERB
ejge-4278	13	8	some	some	DET
ejge-4278	13	9	fluctuations	fluctuation	NOUN
ejge-4278	13	10	in	in	ADP
ejge-4278	13	11	cyclical	cyclical	ADJ
ejge-4278	13	12	synchronization	synchronization	NOUN
ejge-4278	13	13	,	,	PUNCT
ejge-4278	13	14	but	but	CCONJ
ejge-4278	13	15	the	the	DET
ejge-4278	13	16	crisis	crisis	NOUN
ejge-4278	13	17	that	that	PRON
ejge-4278	13	18	originated	originate	VERB
ejge-4278	13	19	in	in	ADP
ejge-4278	13	20	2007	2007	NUM
ejge-4278	13	21	casts	cast	VERB
ejge-4278	13	22	serious	serious	ADJ
ejge-4278	13	23	doubts	doubt	NOUN
ejge-4278	13	24	on	on	ADP
ejge-4278	13	25	whether	whether	SCONJ
ejge-4278	13	26	the	the	DET
ejge-4278	13	27	emu	emu	PROPN
ejge-4278	13	28	will	will	AUX
ejge-4278	13	29	manage	manage	VERB
ejge-4278	13	30	to	to	PART
ejge-4278	13	31	survive	survive	VERB
ejge-4278	13	32	in	in	ADP
ejge-4278	13	33	its	its	PRON
ejge-4278	13	34	current	current	ADJ
ejge-4278	13	35	form	form	NOUN
ejge-4278	13	36	.	.	PUNCT
ejge-4278	14	1	for	for	ADP
ejge-4278	14	2	that	that	DET
ejge-4278	14	3	reason	reason	NOUN
ejge-4278	14	4	,	,	PUNCT
ejge-4278	14	5	in	in	ADP
ejge-4278	14	6	this	this	DET
ejge-4278	14	7	paper	paper	NOUN
ejge-4278	14	8	we	we	PRON
ejge-4278	14	9	examine	examine	VERB
ejge-4278	14	10	how	how	SCONJ
ejge-4278	14	11	cyclical	cyclical	ADJ
ejge-4278	14	12	synchronization	synchronization	NOUN
ejge-4278	14	13	in	in	ADP
ejge-4278	14	14	the	the	DET
ejge-4278	14	15	euro	euro	NOUN
ejge-4278	14	16	area	area	NOUN
ejge-4278	14	17	evolved	evolve	VERB
ejge-4278	14	18	since	since	SCONJ
ejge-4278	14	19	the	the	DET
ejge-4278	14	20	onset	onset	NOUN
ejge-4278	14	21	of	of	ADP
ejge-4278	14	22	the	the	DET
ejge-4278	14	23	crisis	crisis	NOUN
ejge-4278	14	24	.	.	PUNCT
ejge-4278	15	1	more	more	ADV
ejge-4278	15	2	specifically	specifically	ADV
ejge-4278	15	3	,	,	PUNCT
ejge-4278	15	4	we	we	PRON
ejge-4278	15	5	address	address	VERB
ejge-4278	15	6	three	three	NUM
ejge-4278	15	7	issues	issue	NOUN
ejge-4278	15	8	.	.	PUNCT
ejge-4278	16	1	first	first	ADV
ejge-4278	16	2	,	,	PUNCT
ejge-4278	16	3	we	we	PRON
ejge-4278	16	4	compare	compare	VERB
ejge-4278	16	5	output	output	NOUN
ejge-4278	16	6	comovements	comovement	NOUN
ejge-4278	16	7	within	within	ADP
ejge-4278	16	8	the	the	DET
ejge-4278	16	9	euro	euro	PROPN
ejge-4278	16	10	area	area	NOUN
ejge-4278	16	11	to	to	ADP
ejge-4278	16	12	international	international	ADJ
ejge-4278	16	13	developments	development	NOUN
ejge-4278	16	14	,	,	PUNCT
ejge-4278	16	15	to	to	PART
ejge-4278	16	16	gauge	gauge	VERB
ejge-4278	16	17	whether	whether	SCONJ
ejge-4278	16	18	the	the	DET
ejge-4278	16	19	emu	emu	PROPN
ejge-4278	16	20	displayed	display	VERB
ejge-4278	16	21	some	some	DET
ejge-4278	16	22	particular	particular	ADJ
ejge-4278	16	23	behavior	behavior	NOUN
ejge-4278	16	24	in	in	ADP
ejge-4278	16	25	the	the	DET
ejge-4278	16	26	period	period	NOUN
ejge-4278	16	27	.	.	PUNCT
ejge-4278	17	1	second	second	ADV
ejge-4278	17	2	,	,	PUNCT
ejge-4278	17	3	we	we	PRON
ejge-4278	17	4	investigate	investigate	VERB
ejge-4278	17	5	to	to	ADP
ejge-4278	17	6	what	what	DET
ejge-4278	17	7	extent	extent	NOUN
ejge-4278	17	8	the	the	DET
ejge-4278	17	9	observed	observed	ADJ
ejge-4278	17	10	decline	decline	NOUN
ejge-4278	17	11	of	of	ADP
ejge-4278	17	12	a	a	DET
ejge-4278	17	13	broad	broad	ADJ
ejge-4278	17	14	indicator	indicator	NOUN
ejge-4278	17	15	of	of	ADP
ejge-4278	17	16	intra	intra	ADJ
ejge-4278	17	17	-	-	ADJ
ejge-4278	17	18	euro	euro	ADJ
ejge-4278	17	19	-	-	PUNCT
ejge-4278	17	20	area	area	NOUN
ejge-4278	17	21	synchronization	synchronization	NOUN
ejge-4278	17	22	may	may	AUX
ejge-4278	17	23	be	be	AUX
ejge-4278	17	24	due	due	ADJ
ejge-4278	17	25	to	to	ADP
ejge-4278	17	26	a	a	DET
ejge-4278	17	27	small	small	ADJ
ejge-4278	17	28	group	group	NOUN
ejge-4278	17	29	of	of	ADP
ejge-4278	17	30	countries	country	NOUN
ejge-4278	17	31	decoupling	decouple	VERB
ejge-4278	17	32	from	from	ADP
ejge-4278	17	33	the	the	DET
ejge-4278	17	34	aggregate	aggregate	ADJ
ejge-4278	17	35	cycle	cycle	NOUN
ejge-4278	17	36	,	,	PUNCT
ejge-4278	17	37	while	while	SCONJ
ejge-4278	17	38	the	the	DET
ejge-4278	17	39	bulk	bulk	NOUN
ejge-4278	17	40	of	of	ADP
ejge-4278	17	41	member	member	NOUN
ejge-4278	17	42	states	state	NOUN
ejge-4278	17	43	remains	remain	VERB
ejge-4278	17	44	closely	closely	ADV
ejge-4278	17	45	aligned	align	VERB
ejge-4278	17	46	,	,	PUNCT
ejge-4278	17	47	or	or	CCONJ
ejge-4278	17	48	even	even	ADV
ejge-4278	17	49	is	be	AUX
ejge-4278	17	50	increasingly	increasingly	ADV
ejge-4278	17	51	in	in	ADP
ejge-4278	17	52	phase	phase	NOUN
ejge-4278	17	53	.	.	PUNCT
ejge-4278	18	1	finally	finally	ADV
ejge-4278	18	2	,	,	PUNCT
ejge-4278	18	3	we	we	PRON
ejge-4278	18	4	seek	seek	VERB
ejge-4278	18	5	to	to	PART
ejge-4278	18	6	identify	identify	VERB
ejge-4278	18	7	the	the	DET
ejge-4278	18	8	determinants	determinant	NOUN
ejge-4278	18	9	of	of	ADP
ejge-4278	18	10	the	the	DET
ejge-4278	18	11	observed	observe	VERB
ejge-4278	18	12	differences	difference	NOUN
ejge-4278	18	13	across	across	ADP
ejge-4278	18	14	member	member	NOUN
ejge-4278	18	15	states	state	NOUN
ejge-4278	18	16	,	,	PUNCT
ejge-4278	18	17	in	in	ADP
ejge-4278	18	18	order	order	NOUN
ejge-4278	18	19	to	to	PART
ejge-4278	18	20	figure	figure	VERB
ejge-4278	18	21	out	out	ADP
ejge-4278	18	22	why	why	SCONJ
ejge-4278	18	23	each	each	DET
ejge-4278	18	24	country	country	NOUN
ejge-4278	18	25	performed	perform	VERB
ejge-4278	18	26	the	the	DET
ejge-4278	18	27	way	way	NOUN
ejge-4278	18	28	it	it	PRON
ejge-4278	18	29	did	do	VERB
ejge-4278	18	30	.	.	PUNCT
ejge-4278	19	1	the	the	DET
ejge-4278	19	2	paper	paper	NOUN
ejge-4278	19	3	is	be	AUX
ejge-4278	19	4	organized	organize	VERB
ejge-4278	19	5	as	as	SCONJ
ejge-4278	19	6	follows	follow	VERB
ejge-4278	19	7	.	.	PUNCT
ejge-4278	20	1	after	after	ADP
ejge-4278	20	2	this	this	DET
ejge-4278	20	3	introduction	introduction	NOUN
ejge-4278	20	4	,	,	PUNCT
ejge-4278	20	5	section	section	NOUN
ejge-4278	20	6	2	2	NUM
ejge-4278	20	7	reviews	review	VERB
ejge-4278	20	8	the	the	DET
ejge-4278	20	9	literature	literature	NOUN
ejge-4278	20	10	on	on	ADP
ejge-4278	20	11	currency	currency	NOUN
ejge-4278	20	12	areas	area	NOUN
ejge-4278	20	13	,	,	PUNCT
ejge-4278	20	14	to	to	PART
ejge-4278	20	15	make	make	VERB
ejge-4278	20	16	clear	clear	ADJ
ejge-4278	20	17	why	why	SCONJ
ejge-4278	20	18	cyclical	cyclical	ADJ
ejge-4278	20	19	synchronization	synchronization	NOUN
ejge-4278	20	20	is	be	AUX
ejge-4278	20	21	so	so	ADV
ejge-4278	20	22	important	important	ADJ
ejge-4278	20	23	for	for	ADP
ejge-4278	20	24	a	a	DET
ejge-4278	20	25	monetary	monetary	ADJ
ejge-4278	20	26	union	union	NOUN
ejge-4278	20	27	,	,	PUNCT
ejge-4278	20	28	and	and	CCONJ
ejge-4278	20	29	to	to	PART
ejge-4278	20	30	highlight	highlight	VERB
ejge-4278	20	31	the	the	DET
ejge-4278	20	32	factors	factor	NOUN
ejge-4278	20	33	that	that	PRON
ejge-4278	20	34	strengthen	strengthen	VERB
ejge-4278	20	35	the	the	DET
ejge-4278	20	36	convergence	convergence	NOUN
ejge-4278	20	37	of	of	ADP
ejge-4278	20	38	the	the	DET
ejge-4278	20	39	national	national	ADJ
ejge-4278	20	40	cycles	cycle	NOUN
ejge-4278	20	41	of	of	ADP
ejge-4278	20	42	its	its	PRON
ejge-4278	20	43	members	member	NOUN
ejge-4278	20	44	.	.	PUNCT
ejge-4278	21	1	section	section	NOUN
ejge-4278	21	2	three	three	NUM
ejge-4278	21	3	sketches	sketch	VERB
ejge-4278	21	4	the	the	DET
ejge-4278	21	5	methodology	methodology	NOUN
ejge-4278	21	6	for	for	ADP
ejge-4278	21	7	extracting	extract	VERB
ejge-4278	21	8	cyclical	cyclical	ADJ
ejge-4278	21	9	components	component	NOUN
ejge-4278	21	10	from	from	ADP
ejge-4278	21	11	observed	observed	ADJ
ejge-4278	21	12	data	datum	NOUN
ejge-4278	21	13	,	,	PUNCT
ejge-4278	21	14	and	and	CCONJ
ejge-4278	21	15	to	to	ADP
ejge-4278	21	16	measuring	measure	VERB
ejge-4278	21	17	cyclical	cyclical	ADJ
ejge-4278	21	18	synchronization	synchronization	NOUN
ejge-4278	21	19	.	.	PUNCT
ejge-4278	22	1	section	section	NOUN
ejge-4278	22	2	four	four	NUM
ejge-4278	22	3	reports	report	VERB
ejge-4278	22	4	the	the	DET
ejge-4278	22	5	empirical	empirical	ADJ
ejge-4278	22	6	findings	finding	NOUN
ejge-4278	22	7	and	and	CCONJ
ejge-4278	22	8	discusses	discuss	VERB
ejge-4278	22	9	their	their	PRON
ejge-4278	22	10	implications	implication	NOUN
ejge-4278	22	11	for	for	ADP
ejge-4278	22	12	the	the	DET
ejge-4278	22	13	euro	euro	PROPN
ejge-4278	22	14	area	area	NOUN
ejge-4278	22	15	performance	performance	NOUN
ejge-4278	22	16	in	in	ADP
ejge-4278	22	17	recent	recent	ADJ
ejge-4278	22	18	years	year	NOUN
ejge-4278	22	19	.	.	PUNCT
ejge-4278	23	1	section	section	NOUN
ejge-4278	23	2	5	5	NUM
ejge-4278	23	3	concludes	conclude	VERB
ejge-4278	23	4	.	.	PUNCT
ejge-4278	24	1	literature	literature	NOUN
ejge-4278	24	2	review	review	VERB
ejge-4278	24	3	the	the	DET
ejge-4278	24	4	theoretical	theoretical	ADJ
ejge-4278	24	5	foundations	foundation	NOUN
ejge-4278	24	6	of	of	ADP
ejge-4278	24	7	the	the	DET
ejge-4278	24	8	emu	emu	PROPN
ejge-4278	24	9	lie	lie	VERB
ejge-4278	24	10	on	on	ADP
ejge-4278	24	11	the	the	DET
ejge-4278	24	12	theory	theory	NOUN
ejge-4278	24	13	of	of	ADP
ejge-4278	24	14	optimal	optimal	ADJ
ejge-4278	24	15	currency	currency	NOUN
ejge-4278	24	16	areas	area	NOUN
ejge-4278	24	17	(	(	PUNCT
ejge-4278	24	18	mundell	mundell	ADJ
ejge-4278	24	19	,	,	PUNCT
ejge-4278	24	20	1961	1961	NUM
ejge-4278	24	21	)	)	PUNCT
ejge-4278	24	22	.	.	PUNCT
ejge-4278	25	1	the	the	DET
ejge-4278	25	2	benefits	benefit	NOUN
ejge-4278	25	3	of	of	ADP
ejge-4278	25	4	joining	join	VERB
ejge-4278	25	5	a	a	DET
ejge-4278	25	6	currency	currency	NOUN
ejge-4278	25	7	area	area	NOUN
ejge-4278	25	8	are	be	AUX
ejge-4278	25	9	the	the	DET
ejge-4278	25	10	lower	low	ADJ
ejge-4278	25	11	costs	cost	NOUN
ejge-4278	25	12	for	for	ADP
ejge-4278	25	13	international	international	ADJ
ejge-4278	25	14	transactions	transaction	NOUN
ejge-4278	25	15	and	and	CCONJ
ejge-4278	25	16	the	the	DET
ejge-4278	25	17	explicit	explicit	ADJ
ejge-4278	25	18	commitment	commitment	NOUN
ejge-4278	25	19	to	to	ADP
ejge-4278	25	20	building	build	VERB
ejge-4278	25	21	long	long	ADJ
ejge-4278	25	22	-	-	PUNCT
ejge-4278	25	23	term	term	NOUN
ejge-4278	25	24	relationships	relationship	NOUN
ejge-4278	25	25	with	with	ADP
ejge-4278	25	26	the	the	DET
ejge-4278	25	27	other	other	ADJ
ejge-4278	25	28	member	member	NOUN
ejge-4278	25	29	states	state	NOUN
ejge-4278	25	30	,	,	PUNCT
ejge-4278	25	31	while	while	SCONJ
ejge-4278	25	32	the	the	DET
ejge-4278	25	33	major	major	ADJ
ejge-4278	25	34	drawback	drawback	NOUN
ejge-4278	25	35	is	be	AUX
ejge-4278	25	36	the	the	DET
ejge-4278	25	37	loss	loss	NOUN
ejge-4278	25	38	of	of	ADP
ejge-4278	25	39	monetary	monetary	ADJ
ejge-4278	25	40	and	and	CCONJ
ejge-4278	25	41	exchange	exchange	NOUN
ejge-4278	25	42	rate	rate	NOUN
ejge-4278	25	43	policies	policy	NOUN
ejge-4278	25	44	independence	independence	NOUN
ejge-4278	25	45	.	.	PUNCT
ejge-4278	26	1	the	the	DET
ejge-4278	26	2	final	final	ADJ
ejge-4278	26	3	balance	balance	NOUN
ejge-4278	26	4	is	be	AUX
ejge-4278	26	5	casespecific	casespecific	ADJ
ejge-4278	26	6	,	,	PUNCT
ejge-4278	26	7	and	and	CCONJ
ejge-4278	26	8	must	must	AUX
ejge-4278	26	9	be	be	AUX
ejge-4278	26	10	assessed	assess	VERB
ejge-4278	26	11	in	in	ADP
ejge-4278	26	12	an	an	DET
ejge-4278	26	13	empirical	empirical	ADJ
ejge-4278	26	14	way	way	NOUN
ejge-4278	26	15	.	.	PUNCT
ejge-4278	27	1	the	the	DET
ejge-4278	27	2	aftermaths	aftermath	NOUN
ejge-4278	27	3	of	of	ADP
ejge-4278	27	4	giving	give	VERB
ejge-4278	27	5	up	up	ADP
ejge-4278	27	6	policy	policy	NOUN
ejge-4278	27	7	autonomy	autonomy	NOUN
ejge-4278	27	8	depend	depend	VERB
ejge-4278	27	9	on	on	ADP
ejge-4278	27	10	the	the	DET
ejge-4278	27	11	degree	degree	NOUN
ejge-4278	27	12	of	of	ADP
ejge-4278	27	13	asymmetry	asymmetry	NOUN
ejge-4278	27	14	of	of	ADP
ejge-4278	27	15	the	the	DET
ejge-4278	27	16	shocks	shock	NOUN
ejge-4278	27	17	and	and	CCONJ
ejge-4278	27	18	of	of	ADP
ejge-4278	27	19	the	the	DET
ejge-4278	27	20	transmission	transmission	NOUN
ejge-4278	27	21	channels	channel	NOUN
ejge-4278	27	22	.	.	PUNCT
ejge-4278	28	1	if	if	SCONJ
ejge-4278	28	2	the	the	DET
ejge-4278	28	3	shocks	shock	NOUN
ejge-4278	28	4	are	be	AUX
ejge-4278	28	5	common	common	ADJ
ejge-4278	28	6	and	and	CCONJ
ejge-4278	28	7	propagate	propagate	VERB
ejge-4278	28	8	in	in	ADP
ejge-4278	28	9	a	a	DET
ejge-4278	28	10	symmetric	symmetric	ADJ
ejge-4278	28	11	way	way	NOUN
ejge-4278	28	12	,	,	PUNCT
ejge-4278	28	13	all	all	DET
ejge-4278	28	14	the	the	DET
ejge-4278	28	15	members	member	NOUN
ejge-4278	28	16	will	will	AUX
ejge-4278	28	17	be	be	AUX
ejge-4278	28	18	at	at	ADP
ejge-4278	28	19	the	the	DET
ejge-4278	28	20	same	same	ADJ
ejge-4278	28	21	cyclical	cyclical	ADJ
ejge-4278	28	22	phase	phase	NOUN
ejge-4278	28	23	and	and	CCONJ
ejge-4278	28	24	the	the	DET
ejge-4278	28	25	centralized	centralized	ADJ
ejge-4278	28	26	management	management	NOUN
ejge-4278	28	27	of	of	ADP
ejge-4278	28	28	monetary	monetary	ADJ
ejge-4278	28	29	policy	policy	NOUN
ejge-4278	28	30	will	will	AUX
ejge-4278	28	31	be	be	AUX
ejge-4278	28	32	fully	fully	ADV
ejge-4278	28	33	efficient	efficient	ADJ
ejge-4278	28	34	to	to	PART
ejge-4278	28	35	stabilize	stabilize	VERB
ejge-4278	28	36	the	the	DET
ejge-4278	28	37	national	national	ADJ
ejge-4278	28	38	economies	economy	NOUN
ejge-4278	28	39	.	.	PUNCT
ejge-4278	29	1	if	if	SCONJ
ejge-4278	29	2	,	,	PUNCT
ejge-4278	29	3	on	on	ADP
ejge-4278	29	4	the	the	DET
ejge-4278	29	5	contrary	contrary	NOUN
ejge-4278	29	6	,	,	PUNCT
ejge-4278	29	7	there	there	PRON
ejge-4278	29	8	are	be	VERB
ejge-4278	29	9	idiosyncratic	idiosyncratic	ADJ
ejge-4278	29	10	shocks	shock	NOUN
ejge-4278	29	11	,	,	PUNCT
ejge-4278	29	12	or	or	CCONJ
ejge-4278	29	13	common	common	ADJ
ejge-4278	29	14	shocks	shock	NOUN
ejge-4278	29	15	that	that	PRON
ejge-4278	29	16	propagate	propagate	VERB
ejge-4278	29	17	in	in	ADP
ejge-4278	29	18	an	an	DET
ejge-4278	29	19	asymmetric	asymmetric	ADJ
ejge-4278	29	20	way	way	NOUN
ejge-4278	29	21	,	,	PUNCT
ejge-4278	29	22	national	national	ADJ
ejge-4278	29	23	cycles	cycle	NOUN
ejge-4278	29	24	will	will	AUX
ejge-4278	29	25	diverge	diverge	VERB
ejge-4278	29	26	and	and	CCONJ
ejge-4278	29	27	the	the	DET
ejge-4278	29	28	common	common	ADJ
ejge-4278	29	29	monetary	monetary	ADJ
ejge-4278	29	30	policy	policy	NOUN
ejge-4278	29	31	will	will	AUX
ejge-4278	29	32	be	be	AUX
ejge-4278	29	33	rather	rather	ADV
ejge-4278	29	34	different	different	ADJ
ejge-4278	29	35	from	from	ADP
ejge-4278	29	36	the	the	DET
ejge-4278	29	37	one	one	NOUN
ejge-4278	29	38	that	that	PRON
ejge-4278	29	39	an	an	DET
ejge-4278	29	40	independent	independent	ADJ
ejge-4278	29	41	,	,	PUNCT
ejge-4278	29	42	national	national	ADJ
ejge-4278	29	43	authority	authority	NOUN
ejge-4278	29	44	would	would	AUX
ejge-4278	29	45	have	have	AUX
ejge-4278	29	46	adopted	adopt	VERB
ejge-4278	29	47	.	.	PUNCT
ejge-4278	30	1	therefore	therefore	ADV
ejge-4278	30	2	,	,	PUNCT
ejge-4278	30	3	cyclical	cyclical	ADJ
ejge-4278	30	4	synchronization	synchronization	NOUN
ejge-4278	30	5	is	be	AUX
ejge-4278	30	6	a	a	DET
ejge-4278	30	7	central	central	ADJ
ejge-4278	30	8	issue	issue	NOUN
ejge-4278	30	9	to	to	PART
ejge-4278	30	10	gauge	gauge	VERB
ejge-4278	30	11	the	the	DET
ejge-4278	30	12	success	success	NOUN
ejge-4278	30	13	of	of	ADP
ejge-4278	30	14	a	a	DET
ejge-4278	30	15	currency	currency	NOUN
ejge-4278	30	16	area	area	NOUN
ejge-4278	30	17	.	.	PUNCT
ejge-4278	31	1	even	even	ADV
ejge-4278	31	2	though	though	SCONJ
ejge-4278	31	3	some	some	DET
ejge-4278	31	4	authors	author	NOUN
ejge-4278	31	5	expressed	express	VERB
ejge-4278	31	6	their	their	PRON
ejge-4278	31	7	concerns	concern	NOUN
ejge-4278	31	8	on	on	ADP
ejge-4278	31	9	the	the	DET
ejge-4278	31	10	success	success	NOUN
ejge-4278	31	11	of	of	ADP
ejge-4278	31	12	the	the	DET
ejge-4278	31	13	euro	euro	PROPN
ejge-4278	31	14	area	area	NOUN
ejge-4278	31	15	because	because	SCONJ
ejge-4278	31	16	of	of	ADP
ejge-4278	31	17	the	the	DET
ejge-4278	31	18	low	low	ADJ
ejge-4278	31	19	level	level	NOUN
ejge-4278	31	20	of	of	ADP
ejge-4278	31	21	ex	ex	PRON
ejge-4278	31	22	ante	ante	NOUN
ejge-4278	31	23	synchronization	synchronization	NOUN
ejge-4278	31	24	(	(	PUNCT
ejge-4278	31	25	eichengreen	eichengreen	NOUN
ejge-4278	31	26	,	,	PUNCT
ejge-4278	31	27	1990	1990	NUM
ejge-4278	31	28	and	and	CCONJ
ejge-4278	31	29	1993	1993	NUM
ejge-4278	31	30	)	)	PUNCT
ejge-4278	31	31	,	,	PUNCT
ejge-4278	31	32	more	more	ADV
ejge-4278	31	33	recent	recent	ADJ
ejge-4278	31	34	research	research	NOUN
ejge-4278	31	35	pointed	point	VERB
ejge-4278	31	36	out	out	ADP
ejge-4278	31	37	that	that	SCONJ
ejge-4278	31	38	the	the	DET
ejge-4278	31	39	formation	formation	NOUN
ejge-4278	31	40	of	of	ADP
ejge-4278	31	41	a	a	DET
ejge-4278	31	42	currency	currency	NOUN
ejge-4278	31	43	area	area	NOUN
ejge-4278	31	44	european	european	PROPN
ejge-4278	31	45	journal	journal	PROPN
ejge-4278	31	46	of	of	ADP
ejge-4278	31	47	government	government	NOUN
ejge-4278	31	48	and	and	CCONJ
ejge-4278	31	49	economics	economic	NOUN
ejge-4278	31	50	1(1	1(1	NUM
ejge-4278	31	51	)	)	PUNCT
ejge-4278	31	52	88	88	NUM
ejge-4278	31	53	fosters	foster	VERB
ejge-4278	31	54	output	output	NOUN
ejge-4278	31	55	comovements	comovement	NOUN
ejge-4278	31	56	across	across	ADP
ejge-4278	31	57	its	its	PRON
ejge-4278	31	58	members	member	NOUN
ejge-4278	31	59	(	(	PUNCT
ejge-4278	31	60	de	de	X
ejge-4278	31	61	grauwe	grauwe	PROPN
ejge-4278	31	62	and	and	CCONJ
ejge-4278	31	63	mongelli	mongelli	NOUN
ejge-4278	31	64	,	,	PUNCT
ejge-4278	31	65	2005	2005	NUM
ejge-4278	31	66	)	)	PUNCT
ejge-4278	31	67	.	.	PUNCT
ejge-4278	32	1	according	accord	VERB
ejge-4278	32	2	to	to	ADP
ejge-4278	32	3	this	this	DET
ejge-4278	32	4	endogeneity	endogeneity	NOUN
ejge-4278	32	5	hypothesis	hypothesis	NOUN
ejge-4278	32	6	,	,	PUNCT
ejge-4278	32	7	cyclical	cyclical	ADJ
ejge-4278	32	8	profiles	profile	NOUN
ejge-4278	32	9	need	need	AUX
ejge-4278	32	10	not	not	PART
ejge-4278	32	11	be	be	AUX
ejge-4278	32	12	identical	identical	ADJ
ejge-4278	32	13	when	when	SCONJ
ejge-4278	32	14	the	the	DET
ejge-4278	32	15	area	area	NOUN
ejge-4278	32	16	is	be	AUX
ejge-4278	32	17	launched	launch	VERB
ejge-4278	32	18	,	,	PUNCT
ejge-4278	32	19	as	as	SCONJ
ejge-4278	32	20	its	its	PRON
ejge-4278	32	21	operation	operation	NOUN
ejge-4278	32	22	will	will	AUX
ejge-4278	32	23	promote	promote	VERB
ejge-4278	32	24	synchronization	synchronization	NOUN
ejge-4278	32	25	.	.	PUNCT
ejge-4278	33	1	however	however	ADV
ejge-4278	33	2	,	,	PUNCT
ejge-4278	33	3	some	some	DET
ejge-4278	33	4	minimum	minimum	ADJ
ejge-4278	33	5	level	level	NOUN
ejge-4278	33	6	of	of	ADP
ejge-4278	33	7	output	output	NOUN
ejge-4278	33	8	comovements	comovement	NOUN
ejge-4278	33	9	seems	seem	VERB
ejge-4278	33	10	to	to	PART
ejge-4278	33	11	be	be	AUX
ejge-4278	33	12	required	require	VERB
ejge-4278	33	13	at	at	ADP
ejge-4278	33	14	the	the	DET
ejge-4278	33	15	beginning	beginning	NOUN
ejge-4278	33	16	,	,	PUNCT
ejge-4278	33	17	to	to	PART
ejge-4278	33	18	avoid	avoid	VERB
ejge-4278	33	19	the	the	DET
ejge-4278	33	20	costs	cost	NOUN
ejge-4278	33	21	of	of	ADP
ejge-4278	33	22	imposing	impose	VERB
ejge-4278	33	23	a	a	DET
ejge-4278	33	24	common	common	ADJ
ejge-4278	33	25	monetary	monetary	ADJ
ejge-4278	33	26	policy	policy	NOUN
ejge-4278	33	27	to	to	ADP
ejge-4278	33	28	countries	country	NOUN
ejge-4278	33	29	that	that	PRON
ejge-4278	33	30	are	be	AUX
ejge-4278	33	31	not	not	PART
ejge-4278	33	32	in	in	ADP
ejge-4278	33	33	the	the	DET
ejge-4278	33	34	same	same	ADJ
ejge-4278	33	35	phase	phase	NOUN
ejge-4278	33	36	of	of	ADP
ejge-4278	33	37	the	the	DET
ejge-4278	33	38	cycle	cycle	NOUN
ejge-4278	33	39	at	at	ADP
ejge-4278	33	40	the	the	DET
ejge-4278	33	41	first	first	ADJ
ejge-4278	33	42	stages	stage	NOUN
ejge-4278	33	43	of	of	ADP
ejge-4278	33	44	the	the	DET
ejge-4278	33	45	union	union	NOUN
ejge-4278	33	46	.	.	PUNCT
ejge-4278	34	1	the	the	DET
ejge-4278	34	2	literature	literature	NOUN
ejge-4278	34	3	has	have	AUX
ejge-4278	34	4	analyzed	analyze	VERB
ejge-4278	34	5	in	in	ADP
ejge-4278	34	6	full	full	ADJ
ejge-4278	34	7	detail	detail	NOUN
ejge-4278	34	8	the	the	DET
ejge-4278	34	9	factors	factor	NOUN
ejge-4278	34	10	that	that	PRON
ejge-4278	34	11	strengthen	strengthen	VERB
ejge-4278	34	12	cyclical	cyclical	ADJ
ejge-4278	34	13	comovements	comovement	NOUN
ejge-4278	34	14	,	,	PUNCT
ejge-4278	34	15	both	both	PRON
ejge-4278	34	16	from	from	ADP
ejge-4278	34	17	the	the	DET
ejge-4278	34	18	theoretical	theoretical	ADJ
ejge-4278	34	19	perspective	perspective	NOUN
ejge-4278	34	20	and	and	CCONJ
ejge-4278	34	21	its	its	PRON
ejge-4278	34	22	relevance	relevance	NOUN
ejge-4278	34	23	for	for	ADP
ejge-4278	34	24	the	the	DET
ejge-4278	34	25	euro	euro	PROPN
ejge-4278	34	26	area	area	NOUN
ejge-4278	34	27	.	.	PUNCT
ejge-4278	35	1	the	the	DET
ejge-4278	35	2	most	most	ADV
ejge-4278	35	3	mentioned	mention	VERB
ejge-4278	35	4	are	be	AUX
ejge-4278	35	5	trade	trade	NOUN
ejge-4278	35	6	intensity	intensity	NOUN
ejge-4278	35	7	,	,	PUNCT
ejge-4278	35	8	financial	financial	ADJ
ejge-4278	35	9	integration	integration	NOUN
ejge-4278	35	10	and	and	CCONJ
ejge-4278	35	11	convergence	convergence	NOUN
ejge-4278	35	12	of	of	ADP
ejge-4278	35	13	macroeconomic	macroeconomic	ADJ
ejge-4278	35	14	policies	policy	NOUN
ejge-4278	35	15	.	.	PUNCT
ejge-4278	36	1	price	price	NOUN
ejge-4278	36	2	rigidities	rigidity	NOUN
ejge-4278	36	3	and	and	CCONJ
ejge-4278	36	4	labor	labor	NOUN
ejge-4278	36	5	market	market	NOUN
ejge-4278	36	6	regulations	regulation	NOUN
ejge-4278	36	7	are	be	AUX
ejge-4278	36	8	also	also	ADV
ejge-4278	36	9	pointed	point	VERB
ejge-4278	36	10	out	out	ADP
ejge-4278	36	11	,	,	PUNCT
ejge-4278	36	12	as	as	SCONJ
ejge-4278	36	13	more	more	ADV
ejge-4278	36	14	flexible	flexible	ADJ
ejge-4278	36	15	economies	economy	NOUN
ejge-4278	36	16	are	be	AUX
ejge-4278	36	17	better	well	ADV
ejge-4278	36	18	prepared	prepared	ADJ
ejge-4278	36	19	to	to	PART
ejge-4278	36	20	cope	cope	VERB
ejge-4278	36	21	with	with	ADP
ejge-4278	36	22	asymmetric	asymmetric	ADJ
ejge-4278	36	23	shocks	shock	NOUN
ejge-4278	36	24	.	.	PUNCT
ejge-4278	37	1	trade	trade	NOUN
ejge-4278	37	2	integration	integration	NOUN
ejge-4278	37	3	is	be	AUX
ejge-4278	37	4	usually	usually	ADV
ejge-4278	37	5	considered	consider	VERB
ejge-4278	37	6	to	to	PART
ejge-4278	37	7	be	be	AUX
ejge-4278	37	8	the	the	DET
ejge-4278	37	9	most	most	ADV
ejge-4278	37	10	prominent	prominent	ADJ
ejge-4278	37	11	factor	factor	NOUN
ejge-4278	37	12	leading	lead	VERB
ejge-4278	37	13	to	to	ADP
ejge-4278	37	14	increased	increase	VERB
ejge-4278	37	15	cyclical	cyclical	ADJ
ejge-4278	37	16	comovements	comovement	NOUN
ejge-4278	37	17	.	.	PUNCT
ejge-4278	38	1	nevertheless	nevertheless	ADV
ejge-4278	38	2	,	,	PUNCT
ejge-4278	38	3	the	the	DET
ejge-4278	38	4	theoretical	theoretical	ADJ
ejge-4278	38	5	effect	effect	NOUN
ejge-4278	38	6	of	of	ADP
ejge-4278	38	7	an	an	DET
ejge-4278	38	8	increase	increase	NOUN
ejge-4278	38	9	in	in	ADP
ejge-4278	38	10	trade	trade	NOUN
ejge-4278	38	11	on	on	ADP
ejge-4278	38	12	the	the	DET
ejge-4278	38	13	comovement	comovement	NOUN
ejge-4278	38	14	of	of	ADP
ejge-4278	38	15	output	output	NOUN
ejge-4278	38	16	is	be	AUX
ejge-4278	38	17	ambiguous	ambiguous	ADJ
ejge-4278	38	18	,	,	PUNCT
ejge-4278	38	19	as	as	SCONJ
ejge-4278	38	20	it	it	PRON
ejge-4278	38	21	depends	depend	VERB
ejge-4278	38	22	on	on	ADP
ejge-4278	38	23	the	the	DET
ejge-4278	38	24	type	type	NOUN
ejge-4278	38	25	of	of	ADP
ejge-4278	38	26	goods	good	NOUN
ejge-4278	38	27	that	that	PRON
ejge-4278	38	28	are	be	AUX
ejge-4278	38	29	traded	trade	VERB
ejge-4278	38	30	.	.	PUNCT
ejge-4278	39	1	frenkel	frenkel	NOUN
ejge-4278	39	2	and	and	CCONJ
ejge-4278	39	3	rose	rise	VERB
ejge-4278	39	4	(	(	PUNCT
ejge-4278	39	5	1998	1998	NUM
ejge-4278	39	6	)	)	PUNCT
ejge-4278	39	7	,	,	PUNCT
ejge-4278	39	8	see	see	VERB
ejge-4278	39	9	also	also	ADV
ejge-4278	39	10	rose	rise	VERB
ejge-4278	39	11	(	(	PUNCT
ejge-4278	39	12	2000	2000	NUM
ejge-4278	39	13	)	)	PUNCT
ejge-4278	39	14	,	,	PUNCT
ejge-4278	39	15	claims	claim	VERB
ejge-4278	39	16	that	that	SCONJ
ejge-4278	39	17	higher	high	ADJ
ejge-4278	39	18	bilateral	bilateral	ADJ
ejge-4278	39	19	trade	trade	NOUN
ejge-4278	39	20	leads	lead	VERB
ejge-4278	39	21	to	to	ADP
ejge-4278	39	22	more	more	ADJ
ejge-4278	39	23	correlated	correlate	VERB
ejge-4278	39	24	cycles	cycle	NOUN
ejge-4278	39	25	,	,	PUNCT
ejge-4278	39	26	on	on	ADP
ejge-4278	39	27	the	the	DET
ejge-4278	39	28	assumption	assumption	NOUN
ejge-4278	39	29	that	that	SCONJ
ejge-4278	39	30	the	the	DET
ejge-4278	39	31	increase	increase	NOUN
ejge-4278	39	32	in	in	ADP
ejge-4278	39	33	trade	trade	NOUN
ejge-4278	39	34	is	be	AUX
ejge-4278	39	35	mainly	mainly	ADV
ejge-4278	39	36	intra	intra	ADJ
ejge-4278	39	37	-	-	ADJ
ejge-4278	39	38	industry	industry	ADJ
ejge-4278	39	39	trade	trade	NOUN
ejge-4278	39	40	.	.	PUNCT
ejge-4278	40	1	if	if	SCONJ
ejge-4278	40	2	this	this	PRON
ejge-4278	40	3	is	be	AUX
ejge-4278	40	4	the	the	DET
ejge-4278	40	5	case	case	NOUN
ejge-4278	40	6	,	,	PUNCT
ejge-4278	40	7	any	any	DET
ejge-4278	40	8	demand	demand	NOUN
ejge-4278	40	9	or	or	CCONJ
ejge-4278	40	10	industry	industry	NOUN
ejge-4278	40	11	shock	shock	NOUN
ejge-4278	40	12	will	will	AUX
ejge-4278	40	13	have	have	VERB
ejge-4278	40	14	similar	similar	ADJ
ejge-4278	40	15	effects	effect	NOUN
ejge-4278	40	16	on	on	ADP
ejge-4278	40	17	the	the	DET
ejge-4278	40	18	cycles	cycle	NOUN
ejge-4278	40	19	of	of	ADP
ejge-4278	40	20	both	both	DET
ejge-4278	40	21	countries	country	NOUN
ejge-4278	40	22	,	,	PUNCT
ejge-4278	40	23	and	and	CCONJ
ejge-4278	40	24	they	they	PRON
ejge-4278	40	25	will	will	AUX
ejge-4278	40	26	move	move	VERB
ejge-4278	40	27	together	together	ADV
ejge-4278	40	28	.	.	PUNCT
ejge-4278	41	1	but	but	CCONJ
ejge-4278	41	2	krugman	krugman	PROPN
ejge-4278	41	3	(	(	PUNCT
ejge-4278	41	4	1991	1991	NUM
ejge-4278	41	5	)	)	PUNCT
ejge-4278	41	6	observed	observe	VERB
ejge-4278	41	7	that	that	PRON
ejge-4278	41	8	openness	openness	NOUN
ejge-4278	41	9	to	to	ADP
ejge-4278	41	10	trade	trade	NOUN
ejge-4278	41	11	induces	induce	VERB
ejge-4278	41	12	higher	high	ADJ
ejge-4278	41	13	specialization	specialization	NOUN
ejge-4278	41	14	,	,	PUNCT
ejge-4278	41	15	and	and	CCONJ
ejge-4278	41	16	in	in	ADP
ejge-4278	41	17	the	the	DET
ejge-4278	41	18	medium	medium	ADJ
ejge-4278	41	19	term	term	NOUN
ejge-4278	41	20	the	the	DET
ejge-4278	41	21	increase	increase	NOUN
ejge-4278	41	22	in	in	ADP
ejge-4278	41	23	trade	trade	NOUN
ejge-4278	41	24	is	be	AUX
ejge-4278	41	25	mainly	mainly	ADV
ejge-4278	41	26	of	of	ADP
ejge-4278	41	27	the	the	DET
ejge-4278	41	28	inter	inter	ADJ
ejge-4278	41	29	-	-	ADJ
ejge-4278	41	30	industry	industry	ADJ
ejge-4278	41	31	type	type	NOUN
ejge-4278	41	32	.	.	PUNCT
ejge-4278	42	1	in	in	ADP
ejge-4278	42	2	that	that	DET
ejge-4278	42	3	event	event	NOUN
ejge-4278	42	4	,	,	PUNCT
ejge-4278	42	5	the	the	DET
ejge-4278	42	6	same	same	ADJ
ejge-4278	42	7	demand	demand	NOUN
ejge-4278	42	8	or	or	CCONJ
ejge-4278	42	9	sectoral	sectoral	ADJ
ejge-4278	42	10	shock	shock	NOUN
ejge-4278	42	11	will	will	AUX
ejge-4278	42	12	have	have	VERB
ejge-4278	42	13	asymmetric	asymmetric	ADJ
ejge-4278	42	14	effects	effect	NOUN
ejge-4278	42	15	,	,	PUNCT
ejge-4278	42	16	and	and	CCONJ
ejge-4278	42	17	trade	trade	NOUN
ejge-4278	42	18	integration	integration	NOUN
ejge-4278	42	19	will	will	AUX
ejge-4278	42	20	result	result	VERB
ejge-4278	42	21	in	in	ADP
ejge-4278	42	22	lower	low	ADJ
ejge-4278	42	23	correlations	correlation	NOUN
ejge-4278	42	24	across	across	ADP
ejge-4278	42	25	countries	country	NOUN
ejge-4278	42	26	.	.	PUNCT
ejge-4278	43	1	as	as	SCONJ
ejge-4278	43	2	the	the	DET
ejge-4278	43	3	final	final	ADJ
ejge-4278	43	4	effect	effect	NOUN
ejge-4278	43	5	is	be	AUX
ejge-4278	43	6	an	an	DET
ejge-4278	43	7	empirical	empirical	ADJ
ejge-4278	43	8	matter	matter	NOUN
ejge-4278	43	9	,	,	PUNCT
ejge-4278	43	10	there	there	PRON
ejge-4278	43	11	has	have	AUX
ejge-4278	43	12	been	be	AUX
ejge-4278	43	13	a	a	DET
ejge-4278	43	14	lot	lot	NOUN
ejge-4278	43	15	of	of	ADP
ejge-4278	43	16	research	research	NOUN
ejge-4278	43	17	to	to	PART
ejge-4278	43	18	determine	determine	VERB
ejge-4278	43	19	the	the	DET
ejge-4278	43	20	net	net	ADJ
ejge-4278	43	21	contribution	contribution	NOUN
ejge-4278	43	22	of	of	ADP
ejge-4278	43	23	the	the	DET
ejge-4278	43	24	observed	observe	VERB
ejge-4278	43	25	growth	growth	NOUN
ejge-4278	43	26	in	in	ADP
ejge-4278	43	27	trade	trade	NOUN
ejge-4278	43	28	within	within	ADP
ejge-4278	43	29	the	the	DET
ejge-4278	43	30	euro	euro	PROPN
ejge-4278	43	31	area	area	NOUN
ejge-4278	43	32	.	.	PUNCT
ejge-4278	44	1	most	most	ADJ
ejge-4278	44	2	studies	study	NOUN
ejge-4278	44	3	find	find	VERB
ejge-4278	44	4	that	that	SCONJ
ejge-4278	44	5	the	the	DET
ejge-4278	44	6	association	association	NOUN
ejge-4278	44	7	is	be	AUX
ejge-4278	44	8	positive	positive	ADJ
ejge-4278	44	9	and	and	CCONJ
ejge-4278	44	10	significant	significant	ADJ
ejge-4278	44	11	,	,	PUNCT
ejge-4278	44	12	but	but	CCONJ
ejge-4278	44	13	there	there	PRON
ejge-4278	44	14	is	be	VERB
ejge-4278	44	15	still	still	ADV
ejge-4278	44	16	an	an	DET
ejge-4278	44	17	open	open	ADJ
ejge-4278	44	18	debate	debate	NOUN
ejge-4278	44	19	on	on	ADP
ejge-4278	44	20	the	the	DET
ejge-4278	44	21	actual	actual	ADJ
ejge-4278	44	22	impact	impact	NOUN
ejge-4278	44	23	on	on	ADP
ejge-4278	44	24	trade	trade	NOUN
ejge-4278	44	25	intensity	intensity	NOUN
ejge-4278	44	26	on	on	ADP
ejge-4278	44	27	cyclical	cyclical	ADJ
ejge-4278	44	28	synchronization	synchronization	NOUN
ejge-4278	44	29	,	,	PUNCT
ejge-4278	44	30	see	see	VERB
ejge-4278	44	31	the	the	DET
ejge-4278	44	32	survey	survey	NOUN
ejge-4278	44	33	by	by	ADP
ejge-4278	44	34	de	de	X
ejge-4278	44	35	haan	haan	PROPN
ejge-4278	44	36	et	et	PROPN
ejge-4278	44	37	al	al	PROPN
ejge-4278	44	38	(	(	PUNCT
ejge-4278	44	39	2008	2008	NUM
ejge-4278	44	40	)	)	PUNCT
ejge-4278	44	41	.	.	PUNCT
ejge-4278	45	1	currency	currency	NOUN
ejge-4278	45	2	unions	union	NOUN
ejge-4278	45	3	promote	promote	VERB
ejge-4278	45	4	financial	financial	ADJ
ejge-4278	45	5	integration	integration	NOUN
ejge-4278	45	6	across	across	ADP
ejge-4278	45	7	members	member	NOUN
ejge-4278	45	8	,	,	PUNCT
ejge-4278	45	9	but	but	CCONJ
ejge-4278	45	10	its	its	PRON
ejge-4278	45	11	outcome	outcome	NOUN
ejge-4278	45	12	on	on	ADP
ejge-4278	45	13	cyclical	cyclical	ADJ
ejge-4278	45	14	synchronization	synchronization	NOUN
ejge-4278	45	15	is	be	AUX
ejge-4278	45	16	theoretically	theoretically	ADV
ejge-4278	45	17	undetermined	undetermined	ADJ
ejge-4278	45	18	.	.	PUNCT
ejge-4278	46	1	demand	demand	NOUN
ejge-4278	46	2	effects	effect	NOUN
ejge-4278	46	3	arising	arise	VERB
ejge-4278	46	4	from	from	ADP
ejge-4278	46	5	savings	saving	NOUN
ejge-4278	46	6	or	or	CCONJ
ejge-4278	46	7	investment	investment	NOUN
ejge-4278	46	8	decisions	decision	NOUN
ejge-4278	46	9	in	in	ADP
ejge-4278	46	10	one	one	NUM
ejge-4278	46	11	country	country	NOUN
ejge-4278	46	12	will	will	AUX
ejge-4278	46	13	affect	affect	VERB
ejge-4278	46	14	the	the	DET
ejge-4278	46	15	real	real	ADJ
ejge-4278	46	16	economy	economy	NOUN
ejge-4278	46	17	in	in	ADP
ejge-4278	46	18	other	other	ADJ
ejge-4278	46	19	member	member	NOUN
ejge-4278	46	20	states	state	NOUN
ejge-4278	46	21	if	if	SCONJ
ejge-4278	46	22	the	the	DET
ejge-4278	46	23	links	link	NOUN
ejge-4278	46	24	across	across	ADP
ejge-4278	46	25	financial	financial	ADJ
ejge-4278	46	26	markets	market	NOUN
ejge-4278	46	27	are	be	AUX
ejge-4278	46	28	strong	strong	ADJ
ejge-4278	46	29	.	.	PUNCT
ejge-4278	47	1	on	on	ADP
ejge-4278	47	2	the	the	DET
ejge-4278	47	3	other	other	ADJ
ejge-4278	47	4	hand	hand	NOUN
ejge-4278	47	5	,	,	PUNCT
ejge-4278	47	6	increased	increase	VERB
ejge-4278	47	7	bilateral	bilateral	ADJ
ejge-4278	47	8	financial	financial	ADJ
ejge-4278	47	9	flows	flow	NOUN
ejge-4278	47	10	allow	allow	VERB
ejge-4278	47	11	for	for	ADP
ejge-4278	47	12	more	more	ADV
ejge-4278	47	13	efficient	efficient	ADJ
ejge-4278	47	14	allocation	allocation	NOUN
ejge-4278	47	15	of	of	ADP
ejge-4278	47	16	capital	capital	NOUN
ejge-4278	47	17	,	,	PUNCT
ejge-4278	47	18	and	and	CCONJ
ejge-4278	47	19	stimulate	stimulate	VERB
ejge-4278	47	20	specialization	specialization	NOUN
ejge-4278	47	21	of	of	ADP
ejge-4278	47	22	production	production	NOUN
ejge-4278	47	23	according	accord	VERB
ejge-4278	47	24	to	to	ADP
ejge-4278	47	25	each	each	DET
ejge-4278	47	26	country	country	NOUN
ejge-4278	47	27	’s	’s	PART
ejge-4278	47	28	comparative	comparative	ADJ
ejge-4278	47	29	advantages	advantage	NOUN
ejge-4278	47	30	.	.	PUNCT
ejge-4278	48	1	if	if	SCONJ
ejge-4278	48	2	demand	demand	NOUN
ejge-4278	48	3	effects	effect	NOUN
ejge-4278	48	4	prevail	prevail	VERB
ejge-4278	48	5	,	,	PUNCT
ejge-4278	48	6	financial	financial	ADJ
ejge-4278	48	7	linkages	linkage	NOUN
ejge-4278	48	8	will	will	AUX
ejge-4278	48	9	propagate	propagate	VERB
ejge-4278	48	10	any	any	DET
ejge-4278	48	11	given	give	VERB
ejge-4278	48	12	shock	shock	NOUN
ejge-4278	48	13	throughout	throughout	ADP
ejge-4278	48	14	,	,	PUNCT
ejge-4278	48	15	but	but	CCONJ
ejge-4278	48	16	if	if	SCONJ
ejge-4278	48	17	the	the	DET
ejge-4278	48	18	currency	currency	NOUN
ejge-4278	48	19	area	area	NOUN
ejge-4278	48	20	results	result	VERB
ejge-4278	48	21	in	in	ADP
ejge-4278	48	22	more	more	ADJ
ejge-4278	48	23	specialized	specialized	ADJ
ejge-4278	48	24	economies	economy	NOUN
ejge-4278	48	25	,	,	PUNCT
ejge-4278	48	26	asymmetric	asymmetric	ADJ
ejge-4278	48	27	effects	effect	NOUN
ejge-4278	48	28	will	will	AUX
ejge-4278	48	29	dominate	dominate	VERB
ejge-4278	48	30	and	and	CCONJ
ejge-4278	48	31	output	output	NOUN
ejge-4278	48	32	comovements	comovement	NOUN
ejge-4278	48	33	will	will	AUX
ejge-4278	48	34	be	be	AUX
ejge-4278	48	35	lower	low	ADJ
ejge-4278	48	36	.	.	PUNCT
ejge-4278	49	1	in	in	ADP
ejge-4278	49	2	the	the	DET
ejge-4278	49	3	case	case	NOUN
ejge-4278	49	4	of	of	ADP
ejge-4278	49	5	the	the	DET
ejge-4278	49	6	euro	euro	PROPN
ejge-4278	49	7	area	area	NOUN
ejge-4278	49	8	,	,	PUNCT
ejge-4278	49	9	there	there	PRON
ejge-4278	49	10	is	be	VERB
ejge-4278	49	11	no	no	DET
ejge-4278	49	12	empirical	empirical	ADJ
ejge-4278	49	13	evidence	evidence	NOUN
ejge-4278	49	14	of	of	ADP
ejge-4278	49	15	a	a	DET
ejge-4278	49	16	negative	negative	ADJ
ejge-4278	49	17	impact	impact	NOUN
ejge-4278	49	18	of	of	ADP
ejge-4278	49	19	financial	financial	ADJ
ejge-4278	49	20	integration	integration	NOUN
ejge-4278	49	21	on	on	ADP
ejge-4278	49	22	cyclical	cyclical	ADJ
ejge-4278	49	23	convergence	convergence	NOUN
ejge-4278	49	24	,	,	PUNCT
ejge-4278	49	25	but	but	CCONJ
ejge-4278	49	26	it	it	PRON
ejge-4278	49	27	is	be	AUX
ejge-4278	49	28	also	also	ADV
ejge-4278	49	29	difficult	difficult	ADJ
ejge-4278	49	30	to	to	PART
ejge-4278	49	31	find	find	VERB
ejge-4278	49	32	a	a	DET
ejge-4278	49	33	strong	strong	ADJ
ejge-4278	49	34	positive	positive	ADJ
ejge-4278	49	35	relationship	relationship	NOUN
ejge-4278	49	36	between	between	ADP
ejge-4278	49	37	financial	financial	ADJ
ejge-4278	49	38	linkages	linkage	NOUN
ejge-4278	49	39	and	and	CCONJ
ejge-4278	49	40	output	output	NOUN
ejge-4278	49	41	correlation	correlation	NOUN
ejge-4278	49	42	(	(	PUNCT
ejge-4278	49	43	de	de	X
ejge-4278	49	44	haan	haan	PROPN
ejge-4278	49	45	et	et	PROPN
ejge-4278	49	46	al	al	PROPN
ejge-4278	49	47	2008	2008	NUM
ejge-4278	49	48	,	,	PUNCT
ejge-4278	49	49	dees	dee	NOUN
ejge-4278	49	50	and	and	CCONJ
ejge-4278	49	51	zorelli	zorelli	PROPN
ejge-4278	49	52	2011	2011	NUM
ejge-4278	49	53	)	)	PUNCT
ejge-4278	49	54	.	.	PUNCT
ejge-4278	50	1	convergence	convergence	NOUN
ejge-4278	50	2	in	in	ADP
ejge-4278	50	3	macroeconomic	macroeconomic	ADJ
ejge-4278	50	4	policies	policy	NOUN
ejge-4278	50	5	is	be	AUX
ejge-4278	50	6	seen	see	VERB
ejge-4278	50	7	as	as	ADP
ejge-4278	50	8	another	another	DET
ejge-4278	50	9	major	major	ADJ
ejge-4278	50	10	force	force	NOUN
ejge-4278	50	11	to	to	ADP
ejge-4278	50	12	inducing	induce	VERB
ejge-4278	50	13	higher	high	ADJ
ejge-4278	50	14	synchronization	synchronization	NOUN
ejge-4278	50	15	.	.	PUNCT
ejge-4278	51	1	but	but	CCONJ
ejge-4278	51	2	,	,	PUNCT
ejge-4278	51	3	once	once	ADV
ejge-4278	51	4	again	again	ADV
ejge-4278	51	5	,	,	PUNCT
ejge-4278	51	6	its	its	PRON
ejge-4278	51	7	actual	actual	ADJ
ejge-4278	51	8	contribution	contribution	NOUN
ejge-4278	51	9	to	to	ADP
ejge-4278	51	10	cyclical	cyclical	ADJ
ejge-4278	51	11	convergence	convergence	NOUN
ejge-4278	51	12	must	must	AUX
ejge-4278	51	13	be	be	AUX
ejge-4278	51	14	assessed	assess	VERB
ejge-4278	51	15	in	in	ADP
ejge-4278	51	16	each	each	DET
ejge-4278	51	17	situation	situation	NOUN
ejge-4278	51	18	,	,	PUNCT
ejge-4278	51	19	and	and	CCONJ
ejge-4278	51	20	in	in	ADP
ejge-4278	51	21	the	the	DET
ejge-4278	51	22	euro	euro	PROPN
ejge-4278	51	23	area	area	NOUN
ejge-4278	51	24	it	it	PRON
ejge-4278	51	25	seems	seem	VERB
ejge-4278	51	26	that	that	SCONJ
ejge-4278	51	27	the	the	DET
ejge-4278	51	28	outcomes	outcome	NOUN
ejge-4278	51	29	were	be	AUX
ejge-4278	51	30	not	not	PART
ejge-4278	51	31	as	as	ADV
ejge-4278	51	32	satisfactory	satisfactory	ADJ
ejge-4278	51	33	as	as	SCONJ
ejge-4278	51	34	expected	expect	VERB
ejge-4278	51	35	.	.	PUNCT
ejge-4278	52	1	in	in	ADP
ejge-4278	52	2	the	the	DET
ejge-4278	52	3	2000s	2000	NOUN
ejge-4278	52	4	the	the	DET
ejge-4278	52	5	common	common	ADJ
ejge-4278	52	6	monetary	monetary	ADJ
ejge-4278	52	7	policy	policy	NOUN
ejge-4278	52	8	allowed	allow	VERB
ejge-4278	52	9	for	for	ADP
ejge-4278	52	10	inflation	inflation	NOUN
ejge-4278	52	11	differences	difference	NOUN
ejge-4278	52	12	amongst	amongst	ADP
ejge-4278	52	13	the	the	DET
ejge-4278	52	14	member	member	NOUN
ejge-4278	52	15	states	state	VERB
ejge-4278	52	16	that	that	PRON
ejge-4278	52	17	translated	translate	VERB
ejge-4278	52	18	into	into	ADP
ejge-4278	52	19	differences	difference	NOUN
ejge-4278	52	20	in	in	ADP
ejge-4278	52	21	real	real	ADJ
ejge-4278	52	22	interest	interest	NOUN
ejge-4278	52	23	rates	rate	NOUN
ejge-4278	52	24	,	,	PUNCT
ejge-4278	52	25	in	in	ADP
ejge-4278	52	26	a	a	DET
ejge-4278	52	27	self	self	NOUN
ejge-4278	52	28	-	-	PUNCT
ejge-4278	52	29	reinforcing	reinforce	VERB
ejge-4278	52	30	process	process	NOUN
ejge-4278	52	31	that	that	PRON
ejge-4278	52	32	was	be	AUX
ejge-4278	52	33	one	one	NUM
ejge-4278	52	34	of	of	ADP
ejge-4278	52	35	the	the	DET
ejge-4278	52	36	major	major	ADJ
ejge-4278	52	37	sources	source	NOUN
ejge-4278	52	38	of	of	ADP
ejge-4278	52	39	decoupling	decouple	VERB
ejge-4278	52	40	of	of	ADP
ejge-4278	52	41	some	some	DET
ejge-4278	52	42	faster	fast	ADV
ejge-4278	52	43	growing	grow	VERB
ejge-4278	52	44	economies	economy	NOUN
ejge-4278	52	45	.	.	PUNCT
ejge-4278	53	1	fiscal	fiscal	ADJ
ejge-4278	53	2	policies	policy	NOUN
ejge-4278	53	3	,	,	PUNCT
ejge-4278	53	4	which	which	PRON
ejge-4278	53	5	were	be	AUX
ejge-4278	53	6	managed	manage	VERB
ejge-4278	53	7	independently	independently	ADV
ejge-4278	53	8	by	by	ADP
ejge-4278	53	9	national	national	ADJ
ejge-4278	53	10	authorities	authority	NOUN
ejge-4278	53	11	,	,	PUNCT
ejge-4278	53	12	were	be	AUX
ejge-4278	53	13	far	far	ADV
ejge-4278	53	14	from	from	ADP
ejge-4278	53	15	optimal	optimal	ADJ
ejge-4278	53	16	,	,	PUNCT
ejge-4278	53	17	as	as	SCONJ
ejge-4278	53	18	they	they	PRON
ejge-4278	53	19	tended	tend	VERB
ejge-4278	53	20	to	to	PART
ejge-4278	53	21	be	be	AUX
ejge-4278	53	22	pro	pro	ADJ
ejge-4278	53	23	-	-	ADJ
ejge-4278	53	24	cyclical	cyclical	ADJ
ejge-4278	53	25	and	and	CCONJ
ejge-4278	53	26	fueled	fuel	VERB
ejge-4278	53	27	divergence	divergence	NOUN
ejge-4278	53	28	between	between	ADP
ejge-4278	53	29	overheating	overheat	VERB
ejge-4278	53	30	countries	country	NOUN
ejge-4278	53	31	and	and	CCONJ
ejge-4278	53	32	the	the	DET
ejge-4278	53	33	rest	rest	NOUN
ejge-4278	53	34	(	(	PUNCT
ejge-4278	53	35	european	european	PROPN
ejge-4278	53	36	commission	commission	PROPN
ejge-4278	53	37	,	,	PUNCT
ejge-4278	53	38	2004	2004	NUM
ejge-4278	53	39	and	and	CCONJ
ejge-4278	53	40	2006	2006	NUM
ejge-4278	53	41	)	)	PUNCT
ejge-4278	53	42	.	.	PUNCT
ejge-4278	54	1	finally	finally	ADV
ejge-4278	54	2	,	,	PUNCT
ejge-4278	54	3	the	the	DET
ejge-4278	54	4	role	role	NOUN
ejge-4278	54	5	of	of	ADP
ejge-4278	54	6	flexible	flexible	ADJ
ejge-4278	54	7	product	product	NOUN
ejge-4278	54	8	and	and	CCONJ
ejge-4278	54	9	labor	labor	NOUN
ejge-4278	54	10	markets	market	NOUN
ejge-4278	54	11	has	have	AUX
ejge-4278	54	12	been	be	AUX
ejge-4278	54	13	stressed	stress	VERB
ejge-4278	54	14	in	in	ADP
ejge-4278	54	15	recent	recent	ADJ
ejge-4278	54	16	years	year	NOUN
ejge-4278	54	17	.	.	PUNCT
ejge-4278	55	1	if	if	SCONJ
ejge-4278	55	2	prices	price	NOUN
ejge-4278	55	3	and	and	CCONJ
ejge-4278	55	4	wages	wage	NOUN
ejge-4278	55	5	are	be	AUX
ejge-4278	55	6	flexible	flexible	ADJ
ejge-4278	55	7	,	,	PUNCT
ejge-4278	55	8	changes	change	NOUN
ejge-4278	55	9	in	in	ADP
ejge-4278	55	10	the	the	DET
ejge-4278	55	11	cyclical	cyclical	ADJ
ejge-4278	55	12	conditions	condition	NOUN
ejge-4278	55	13	translate	translate	VERB
ejge-4278	55	14	european	european	PROPN
ejge-4278	55	15	journal	journal	PROPN
ejge-4278	55	16	of	of	ADP
ejge-4278	55	17	government	government	NOUN
ejge-4278	55	18	and	and	CCONJ
ejge-4278	55	19	economics	economic	NOUN
ejge-4278	55	20	1(1	1(1	NUM
ejge-4278	55	21	)	)	PUNCT
ejge-4278	55	22	89	89	NUM
ejge-4278	55	23	immediately	immediately	ADV
ejge-4278	55	24	into	into	ADP
ejge-4278	55	25	changes	change	NOUN
ejge-4278	55	26	in	in	ADP
ejge-4278	55	27	competitiveness	competitiveness	NOUN
ejge-4278	55	28	,	,	PUNCT
ejge-4278	55	29	reducing	reduce	VERB
ejge-4278	55	30	the	the	DET
ejge-4278	55	31	need	need	NOUN
ejge-4278	55	32	of	of	ADP
ejge-4278	55	33	large	large	ADJ
ejge-4278	55	34	variations	variation	NOUN
ejge-4278	55	35	in	in	ADP
ejge-4278	55	36	the	the	DET
ejge-4278	55	37	policy	policy	NOUN
ejge-4278	55	38	instruments	instrument	NOUN
ejge-4278	55	39	,	,	PUNCT
ejge-4278	55	40	the	the	DET
ejge-4278	55	41	duration	duration	NOUN
ejge-4278	55	42	of	of	ADP
ejge-4278	55	43	the	the	DET
ejge-4278	55	44	adjustment	adjustment	NOUN
ejge-4278	55	45	,	,	PUNCT
ejge-4278	55	46	and	and	CCONJ
ejge-4278	55	47	the	the	DET
ejge-4278	55	48	risk	risk	NOUN
ejge-4278	55	49	of	of	ADP
ejge-4278	55	50	overshooting	overshoot	VERB
ejge-4278	55	51	.	.	PUNCT
ejge-4278	56	1	on	on	ADP
ejge-4278	56	2	the	the	DET
ejge-4278	56	3	contrary	contrary	NOUN
ejge-4278	56	4	,	,	PUNCT
ejge-4278	56	5	when	when	SCONJ
ejge-4278	56	6	the	the	DET
ejge-4278	56	7	markets	market	NOUN
ejge-4278	56	8	are	be	AUX
ejge-4278	56	9	rigid	rigid	ADJ
ejge-4278	56	10	and	and	CCONJ
ejge-4278	56	11	prices	price	NOUN
ejge-4278	56	12	are	be	AUX
ejge-4278	56	13	sticky	sticky	ADJ
ejge-4278	56	14	,	,	PUNCT
ejge-4278	56	15	large	large	ADJ
ejge-4278	56	16	drops	drop	NOUN
ejge-4278	56	17	in	in	ADP
ejge-4278	56	18	quantities	quantity	NOUN
ejge-4278	56	19	are	be	AUX
ejge-4278	56	20	needed	need	VERB
ejge-4278	56	21	to	to	PART
ejge-4278	56	22	compensate	compensate	VERB
ejge-4278	56	23	idiosyncratic	idiosyncratic	ADJ
ejge-4278	56	24	shocks	shock	NOUN
ejge-4278	56	25	and	and	CCONJ
ejge-4278	56	26	the	the	DET
ejge-4278	56	27	adjustment	adjustment	NOUN
ejge-4278	56	28	is	be	AUX
ejge-4278	56	29	much	much	ADV
ejge-4278	56	30	more	more	ADV
ejge-4278	56	31	costly	costly	ADJ
ejge-4278	56	32	(	(	PUNCT
ejge-4278	56	33	european	european	ADJ
ejge-4278	56	34	commission	commission	PROPN
ejge-4278	56	35	2004	2004	NUM
ejge-4278	56	36	and	and	CCONJ
ejge-4278	56	37	2005	2005	NUM
ejge-4278	56	38	,	,	PUNCT
ejge-4278	56	39	artis	artis	PROPN
ejge-4278	56	40	et	et	PROPN
ejge-4278	56	41	al	al	PROPN
ejge-4278	56	42	2008	2008	NUM
ejge-4278	56	43	)	)	PUNCT
ejge-4278	56	44	.	.	PUNCT
ejge-4278	57	1	methodological	methodological	ADJ
ejge-4278	57	2	framework	framework	NOUN
ejge-4278	57	3	in	in	ADP
ejge-4278	57	4	the	the	DET
ejge-4278	57	5	empirical	empirical	ADJ
ejge-4278	57	6	analysis	analysis	NOUN
ejge-4278	57	7	we	we	PRON
ejge-4278	57	8	apply	apply	VERB
ejge-4278	57	9	well	well	ADV
ejge-4278	57	10	established	establish	VERB
ejge-4278	57	11	procedures	procedure	NOUN
ejge-4278	57	12	to	to	PART
ejge-4278	57	13	facilitate	facilitate	VERB
ejge-4278	57	14	the	the	DET
ejge-4278	57	15	comparison	comparison	NOUN
ejge-4278	57	16	of	of	ADP
ejge-4278	57	17	our	our	PRON
ejge-4278	57	18	results	result	NOUN
ejge-4278	57	19	to	to	ADP
ejge-4278	57	20	those	those	PRON
ejge-4278	57	21	previously	previously	ADV
ejge-4278	57	22	reported	report	VERB
ejge-4278	57	23	in	in	ADP
ejge-4278	57	24	the	the	DET
ejge-4278	57	25	literature	literature	NOUN
ejge-4278	57	26	.	.	PUNCT
ejge-4278	58	1	we	we	PRON
ejge-4278	58	2	adopt	adopt	VERB
ejge-4278	58	3	the	the	DET
ejge-4278	58	4	deviation	deviation	NOUN
ejge-4278	58	5	-	-	PUNCT
ejge-4278	58	6	cycle	cycle	NOUN
ejge-4278	58	7	approach	approach	NOUN
ejge-4278	58	8	,	,	PUNCT
ejge-4278	58	9	where	where	SCONJ
ejge-4278	58	10	the	the	DET
ejge-4278	58	11	cyclical	cyclical	ADJ
ejge-4278	58	12	component	component	NOUN
ejge-4278	58	13	is	be	AUX
ejge-4278	58	14	defined	define	VERB
ejge-4278	58	15	as	as	ADP
ejge-4278	58	16	the	the	DET
ejge-4278	58	17	deviation	deviation	NOUN
ejge-4278	58	18	of	of	ADP
ejge-4278	58	19	the	the	DET
ejge-4278	58	20	observed	observe	VERB
ejge-4278	58	21	gdp	gdp	NOUN
ejge-4278	58	22	from	from	ADP
ejge-4278	58	23	its	its	PRON
ejge-4278	58	24	long	long	ADJ
ejge-4278	58	25	-	-	PUNCT
ejge-4278	58	26	run	run	NOUN
ejge-4278	58	27	trend	trend	NOUN
ejge-4278	58	28	.	.	PUNCT
ejge-4278	59	1	it	it	PRON
ejge-4278	59	2	assumes	assume	VERB
ejge-4278	59	3	a	a	DET
ejge-4278	59	4	structural	structural	ADJ
ejge-4278	59	5	model	model	NOUN
ejge-4278	59	6	of	of	ADP
ejge-4278	59	7	the	the	DET
ejge-4278	59	8	form	form	NOUN
ejge-4278	59	9	)	)	PUNCT
ejge-4278	59	10	1(cpy	1(cpy	NOUN
ejge-4278	59	11	ttt	ttt	PROPN
ejge-4278	59	12			PROPN
ejge-4278	59	13	where	where	SCONJ
ejge-4278	59	14	yt	yt	PROPN
ejge-4278	59	15	is	be	AUX
ejge-4278	59	16	logged	log	VERB
ejge-4278	59	17	gdp	gdp	NOUN
ejge-4278	59	18	at	at	ADP
ejge-4278	59	19	t	t	PROPN
ejge-4278	59	20	,	,	PUNCT
ejge-4278	59	21	pt	pt	X
ejge-4278	59	22	its	its	PRON
ejge-4278	59	23	long	long	ADV
ejge-4278	59	24	-	-	PUNCT
ejge-4278	59	25	run	run	NOUN
ejge-4278	59	26	trend	trend	NOUN
ejge-4278	59	27	,	,	PUNCT
ejge-4278	59	28	and	and	CCONJ
ejge-4278	59	29	ct	ct	VERB
ejge-4278	59	30	the	the	DET
ejge-4278	59	31	cycle	cycle	NOUN
ejge-4278	59	32	.	.	PUNCT
ejge-4278	60	1	to	to	PART
ejge-4278	60	2	carry	carry	VERB
ejge-4278	60	3	out	out	ADP
ejge-4278	60	4	such	such	ADJ
ejge-4278	60	5	decomposition	decomposition	NOUN
ejge-4278	60	6	we	we	PRON
ejge-4278	60	7	use	use	VERB
ejge-4278	60	8	the	the	DET
ejge-4278	60	9	hodrick	hodrick	NOUN
ejge-4278	60	10	-	-	PUNCT
ejge-4278	60	11	prescott	prescott	NOUN
ejge-4278	60	12	(	(	PUNCT
ejge-4278	60	13	hp	hp	NOUN
ejge-4278	60	14	)	)	PUNCT
ejge-4278	60	15	filter	filter	NOUN
ejge-4278	60	16	,	,	PUNCT
ejge-4278	60	17	which	which	PRON
ejge-4278	60	18	estimates	estimate	VERB
ejge-4278	60	19	the	the	DET
ejge-4278	60	20	trend	trend	NOUN
ejge-4278	60	21	as	as	ADP
ejge-4278	60	22			PROPN
ejge-4278	60	23			PROPN
ejge-4278	60	24	)	)	PUNCT
ejge-4278	60	25	2()p()py(minargp	2()p()py(minargp	NUM
ejge-4278	60	26	t	t	NOUN
ejge-4278	60	27	3	3	NUM
ejge-4278	60	28	t	t	NOUN
ejge-4278	60	29	2	2	NUM
ejge-4278	60	30	t	t	NOUN
ejge-4278	60	31	2	2	NUM
ejge-4278	60	32	t	t	NOUN
ejge-4278	60	33	1	1	NUM
ejge-4278	60	34	t	t	NOUN
ejge-4278	60	35	2	2	NUM
ejge-4278	60	36	tt	tt	PROPN
ejge-4278	60	37	t	t	NOUN
ejge-4278	60	38	1tt	1tt	NOUN
ejge-4278	60	39			PROPN
ejge-4278	60	40			PROPN
ejge-4278	60	41			PRON
ejge-4278	60	42			NOUN
ejge-4278	60	43			VERB
ejge-4278	60	44			PROPN
ejge-4278	60	45			PROPN
ejge-4278	60	46			ADV
ejge-4278	60	47			NUM
ejge-4278	60	48			NOUN
ejge-4278	60	49	where	where	SCONJ
ejge-4278	60	50	t	t	PROPN
ejge-4278	60	51	is	be	AUX
ejge-4278	60	52	the	the	DET
ejge-4278	60	53	sample	sample	NOUN
ejge-4278	60	54	size	size	NOUN
ejge-4278	60	55	,	,	PUNCT
ejge-4278	60	56			PUNCT
ejge-4278	60	57	is	be	AUX
ejge-4278	60	58	the	the	DET
ejge-4278	60	59	difference	difference	NOUN
ejge-4278	60	60	operator	operator	NOUN
ejge-4278	60	61	and	and	CCONJ
ejge-4278	60	62			NOUN
ejge-4278	60	63	is	be	AUX
ejge-4278	60	64	a	a	DET
ejge-4278	60	65	penalty	penalty	NOUN
ejge-4278	60	66	parameter	parameter	NOUN
ejge-4278	60	67	that	that	PRON
ejge-4278	60	68	determines	determine	VERB
ejge-4278	60	69	the	the	DET
ejge-4278	60	70	degree	degree	NOUN
ejge-4278	60	71	of	of	ADP
ejge-4278	60	72	smoothness	smoothness	NOUN
ejge-4278	60	73	of	of	ADP
ejge-4278	60	74	the	the	DET
ejge-4278	60	75	trend	trend	NOUN
ejge-4278	60	76	;	;	PUNCT
ejge-4278	60	77	with	with	ADP
ejge-4278	60	78	quarterly	quarterly	ADJ
ejge-4278	60	79	data	datum	NOUN
ejge-4278	60	80	,	,	PUNCT
ejge-4278	60	81	as	as	SCONJ
ejge-4278	60	82	we	we	PRON
ejge-4278	60	83	shall	shall	AUX
ejge-4278	60	84	consider	consider	VERB
ejge-4278	60	85	in	in	ADP
ejge-4278	60	86	section	section	NOUN
ejge-4278	60	87	4	4	NUM
ejge-4278	60	88	,	,	PUNCT
ejge-4278	60	89	the	the	DET
ejge-4278	60	90	usual	usual	ADJ
ejge-4278	60	91	practice	practice	NOUN
ejge-4278	60	92	is	be	AUX
ejge-4278	60	93	to	to	PART
ejge-4278	60	94	set	set	VERB
ejge-4278	60	95	=1600	=1600	NUM
ejge-4278	60	96	.	.	PUNCT
ejge-4278	61	1	once	once	SCONJ
ejge-4278	61	2	pt	pt	PROPN
ejge-4278	61	3	is	be	AUX
ejge-4278	61	4	known	know	VERB
ejge-4278	61	5	,	,	PUNCT
ejge-4278	61	6	the	the	DET
ejge-4278	61	7	cyclical	cyclical	ADJ
ejge-4278	61	8	component	component	NOUN
ejge-4278	61	9	is	be	AUX
ejge-4278	61	10	derived	derive	VERB
ejge-4278	61	11	from	from	ADP
ejge-4278	61	12	(	(	PUNCT
ejge-4278	61	13	1	1	NUM
ejge-4278	61	14	)	)	PUNCT
ejge-4278	61	15	;	;	PUNCT
ejge-4278	61	16	by	by	ADP
ejge-4278	61	17	construction	construction	NOUN
ejge-4278	61	18	,	,	PUNCT
ejge-4278	61	19	it	it	PRON
ejge-4278	61	20	is	be	AUX
ejge-4278	61	21	expressed	express	VERB
ejge-4278	61	22	as	as	ADP
ejge-4278	61	23	a	a	DET
ejge-4278	61	24	percentage	percentage	NOUN
ejge-4278	61	25	deviation	deviation	NOUN
ejge-4278	61	26	from	from	ADP
ejge-4278	61	27	trend	trend	NOUN
ejge-4278	61	28	gdp	gdp	PROPN
ejge-4278	61	29	.	.	PUNCT
ejge-4278	62	1	the	the	DET
ejge-4278	62	2	properties	property	NOUN
ejge-4278	62	3	of	of	ADP
ejge-4278	62	4	the	the	DET
ejge-4278	62	5	hp	hp	ADJ
ejge-4278	62	6	filter	filter	NOUN
ejge-4278	62	7	have	have	AUX
ejge-4278	62	8	been	be	AUX
ejge-4278	62	9	extensively	extensively	ADV
ejge-4278	62	10	documented	document	VERB
ejge-4278	62	11	,	,	PUNCT
ejge-4278	62	12	see	see	VERB
ejge-4278	62	13	kaiser	kaiser	NOUN
ejge-4278	62	14	and	and	CCONJ
ejge-4278	62	15	maravall	maravall	ADJ
ejge-4278	62	16	(	(	PUNCT
ejge-4278	62	17	2001	2001	NUM
ejge-4278	62	18	)	)	PUNCT
ejge-4278	62	19	for	for	ADP
ejge-4278	62	20	a	a	DET
ejge-4278	62	21	thorough	thorough	ADJ
ejge-4278	62	22	discussion	discussion	NOUN
ejge-4278	62	23	.	.	PUNCT
ejge-4278	63	1	from	from	ADP
ejge-4278	63	2	the	the	DET
ejge-4278	63	3	perspective	perspective	NOUN
ejge-4278	63	4	of	of	ADP
ejge-4278	63	5	signal	signal	ADJ
ejge-4278	63	6	extraction	extraction	NOUN
ejge-4278	63	7	theory	theory	NOUN
ejge-4278	63	8	,	,	PUNCT
ejge-4278	63	9	the	the	DET
ejge-4278	63	10	hp	hp	ADJ
ejge-4278	63	11	procedure	procedure	NOUN
ejge-4278	63	12	relies	rely	VERB
ejge-4278	63	13	on	on	ADP
ejge-4278	63	14	a	a	DET
ejge-4278	63	15	lowpass	lowpass	ADJ
ejge-4278	63	16	filter	filter	NOUN
ejge-4278	63	17	that	that	PRON
ejge-4278	63	18	separates	separate	VERB
ejge-4278	63	19	a	a	DET
ejge-4278	63	20	low	low	ADJ
ejge-4278	63	21	frequency	frequency	NOUN
ejge-4278	63	22	component	component	NOUN
ejge-4278	63	23	(	(	PUNCT
ejge-4278	63	24	the	the	DET
ejge-4278	63	25	trend	trend	NOUN
ejge-4278	63	26	)	)	PUNCT
ejge-4278	63	27	from	from	ADP
ejge-4278	63	28	mediumand	mediumand	NOUN
ejge-4278	63	29	short	short	ADJ
ejge-4278	63	30	-	-	PUNCT
ejge-4278	63	31	frequency	frequency	NOUN
ejge-4278	63	32	components	component	NOUN
ejge-4278	63	33	(	(	PUNCT
ejge-4278	63	34	the	the	DET
ejge-4278	63	35	cycle	cycle	NOUN
ejge-4278	63	36	)	)	PUNCT
ejge-4278	63	37	;	;	PUNCT
ejge-4278	63	38	the	the	DET
ejge-4278	63	39	cutoff	cutoff	NOUN
ejge-4278	63	40	point	point	NOUN
ejge-4278	63	41	is	be	AUX
ejge-4278	63	42	set	set	VERB
ejge-4278	63	43	by	by	ADP
ejge-4278	63	44	.	.	PRON
ejge-4278	63	45	recent	recent	ADJ
ejge-4278	63	46	research	research	NOUN
ejge-4278	63	47	opts	opt	VERB
ejge-4278	63	48	for	for	ADP
ejge-4278	63	49	extracting	extract	VERB
ejge-4278	63	50	the	the	DET
ejge-4278	63	51	cycle	cycle	NOUN
ejge-4278	63	52	by	by	ADP
ejge-4278	63	53	using	use	VERB
ejge-4278	63	54	bandpass	bandpass	NOUN
ejge-4278	63	55	filters	filter	NOUN
ejge-4278	63	56	,	,	PUNCT
ejge-4278	63	57	that	that	PRON
ejge-4278	63	58	assume	assume	VERB
ejge-4278	63	59	a	a	DET
ejge-4278	63	60	structural	structural	ADJ
ejge-4278	63	61	model	model	NOUN
ejge-4278	63	62	of	of	ADP
ejge-4278	63	63	the	the	DET
ejge-4278	63	64	form	form	NOUN
ejge-4278	63	65	)	)	PUNCT
ejge-4278	63	66	3(ucpy	3(ucpy	NUM
ejge-4278	63	67	tttt	tttt	NOUN
ejge-4278	63	68			PUNCT
ejge-4278	63	69	where	where	SCONJ
ejge-4278	63	70	ut	ut	PROPN
ejge-4278	63	71	captures	capture	VERB
ejge-4278	63	72	oscillations	oscillation	NOUN
ejge-4278	63	73	with	with	ADP
ejge-4278	63	74	periods	period	NOUN
ejge-4278	63	75	too	too	ADV
ejge-4278	63	76	short	short	ADJ
ejge-4278	63	77	to	to	PART
ejge-4278	63	78	be	be	AUX
ejge-4278	63	79	considered	consider	VERB
ejge-4278	63	80	part	part	NOUN
ejge-4278	63	81	of	of	ADP
ejge-4278	63	82	the	the	DET
ejge-4278	63	83	business	business	NOUN
ejge-4278	63	84	cycle	cycle	NOUN
ejge-4278	63	85	.	.	PUNCT
ejge-4278	64	1	to	to	PART
ejge-4278	64	2	estimate	estimate	VERB
ejge-4278	64	3	ct	ct	PRON
ejge-4278	64	4	the	the	DET
ejge-4278	64	5	cyclical	cyclical	ADJ
ejge-4278	64	6	band	band	NOUN
ejge-4278	64	7	should	should	AUX
ejge-4278	64	8	be	be	AUX
ejge-4278	64	9	defined	define	VERB
ejge-4278	64	10	ex	ex	PRON
ejge-4278	64	11	ante	ante	NOUN
ejge-4278	64	12	,	,	PUNCT
ejge-4278	64	13	and	and	CCONJ
ejge-4278	64	14	it	it	PRON
ejge-4278	64	15	is	be	AUX
ejge-4278	64	16	typically	typically	ADV
ejge-4278	64	17	assumed	assume	VERB
ejge-4278	64	18	to	to	PART
ejge-4278	64	19	lie	lie	VERB
ejge-4278	64	20	between	between	ADP
ejge-4278	64	21	1.5	1.5	NUM
ejge-4278	64	22	and	and	CCONJ
ejge-4278	64	23	8	8	NUM
ejge-4278	64	24	years	year	NOUN
ejge-4278	64	25	.	.	PUNCT
ejge-4278	65	1	some	some	DET
ejge-4278	65	2	examples	example	NOUN
ejge-4278	65	3	of	of	ADP
ejge-4278	65	4	this	this	DET
ejge-4278	65	5	approach	approach	NOUN
ejge-4278	65	6	are	be	AUX
ejge-4278	65	7	the	the	DET
ejge-4278	65	8	bk	bk	NOUN
ejge-4278	65	9	filter	filter	NOUN
ejge-4278	65	10	(	(	PUNCT
ejge-4278	65	11	baxter	baxter	NOUN
ejge-4278	65	12	and	and	CCONJ
ejge-4278	65	13	king	king	NOUN
ejge-4278	65	14	,	,	PUNCT
ejge-4278	65	15	1999	1999	NUM
ejge-4278	65	16	)	)	PUNCT
ejge-4278	65	17	,	,	PUNCT
ejge-4278	65	18	the	the	DET
ejge-4278	65	19	cf	cf	NOUN
ejge-4278	65	20	filter	filter	NOUN
ejge-4278	65	21	(	(	PUNCT
ejge-4278	65	22	christiano	christiano	PROPN
ejge-4278	65	23	and	and	CCONJ
ejge-4278	65	24	fitzgerald	fitzgerald	PROPN
ejge-4278	65	25	,	,	PUNCT
ejge-4278	65	26	2003	2003	NUM
ejge-4278	65	27	)	)	PUNCT
ejge-4278	65	28	,	,	PUNCT
ejge-4278	65	29	and	and	CCONJ
ejge-4278	65	30	the	the	DET
ejge-4278	65	31	bandpass	bandpass	NOUN
ejge-4278	65	32	variant	variant	NOUN
ejge-4278	65	33	of	of	ADP
ejge-4278	65	34	the	the	DET
ejge-4278	65	35	hp	hp	ADJ
ejge-4278	65	36	filter	filter	NOUN
ejge-4278	65	37	(	(	PUNCT
ejge-4278	65	38	artis	artis	PROPN
ejge-4278	65	39	,	,	PUNCT
ejge-4278	65	40	2003	2003	NUM
ejge-4278	65	41	)	)	PUNCT
ejge-4278	65	42	.	.	PUNCT
ejge-4278	66	1	the	the	DET
ejge-4278	66	2	theoretical	theoretical	ADJ
ejge-4278	66	3	properties	property	NOUN
ejge-4278	66	4	of	of	ADP
ejge-4278	66	5	the	the	DET
ejge-4278	66	6	hp	hp	ADJ
ejge-4278	66	7	filter	filter	NOUN
ejge-4278	66	8	and	and	CCONJ
ejge-4278	66	9	the	the	DET
ejge-4278	66	10	bandpass	bandpass	NOUN
ejge-4278	66	11	alternatives	alternative	NOUN
ejge-4278	66	12	are	be	AUX
ejge-4278	66	13	quite	quite	ADV
ejge-4278	66	14	different	different	ADJ
ejge-4278	66	15	,	,	PUNCT
ejge-4278	66	16	but	but	CCONJ
ejge-4278	66	17	there	there	PRON
ejge-4278	66	18	is	be	VERB
ejge-4278	66	19	empirical	empirical	ADJ
ejge-4278	66	20	evidence	evidence	NOUN
ejge-4278	66	21	that	that	SCONJ
ejge-4278	66	22	the	the	DET
ejge-4278	66	23	qualitative	qualitative	ADJ
ejge-4278	66	24	conclusions	conclusion	NOUN
ejge-4278	66	25	on	on	ADP
ejge-4278	66	26	cyclical	cyclical	ADJ
ejge-4278	66	27	synchronization	synchronization	NOUN
ejge-4278	66	28	are	be	AUX
ejge-4278	66	29	invariant	invariant	ADJ
ejge-4278	66	30	to	to	ADP
ejge-4278	66	31	the	the	DET
ejge-4278	66	32	specific	specific	ADJ
ejge-4278	66	33	procedure	procedure	NOUN
ejge-4278	66	34	used	use	VERB
ejge-4278	66	35	to	to	PART
ejge-4278	66	36	extract	extract	VERB
ejge-4278	66	37	the	the	DET
ejge-4278	66	38	cyclical	cyclical	ADJ
ejge-4278	66	39	component	component	NOUN
ejge-4278	66	40	.	.	PUNCT
ejge-4278	67	1	although	although	SCONJ
ejge-4278	67	2	different	different	ADJ
ejge-4278	67	3	methods	method	NOUN
ejge-4278	67	4	lead	lead	VERB
ejge-4278	67	5	to	to	ADP
ejge-4278	67	6	different	different	ADJ
ejge-4278	67	7	cyclical	cyclical	ADJ
ejge-4278	67	8	signals	signal	NOUN
ejge-4278	67	9	for	for	ADP
ejge-4278	67	10	a	a	DET
ejge-4278	67	11	given	give	VERB
ejge-4278	67	12	time	time	NOUN
ejge-4278	67	13	series	series	NOUN
ejge-4278	67	14	,	,	PUNCT
ejge-4278	67	15	the	the	DET
ejge-4278	67	16	measures	measure	NOUN
ejge-4278	67	17	of	of	ADP
ejge-4278	67	18	comovement	comovement	NOUN
ejge-4278	67	19	are	be	AUX
ejge-4278	67	20	similar	similar	ADJ
ejge-4278	67	21	as	as	ADV
ejge-4278	67	22	long	long	ADV
ejge-4278	67	23	as	as	ADP
ejge-4278	67	24	the	the	DET
ejge-4278	67	25	same	same	ADJ
ejge-4278	67	26	procedure	procedure	NOUN
ejge-4278	67	27	to	to	PART
ejge-4278	67	28	estimate	estimate	VERB
ejge-4278	67	29	the	the	DET
ejge-4278	67	30	cycle	cycle	NOUN
ejge-4278	67	31	is	be	AUX
ejge-4278	67	32	used	use	VERB
ejge-4278	67	33	for	for	ADP
ejge-4278	67	34	all	all	DET
ejge-4278	67	35	the	the	DET
ejge-4278	67	36	series	series	NOUN
ejge-4278	67	37	(	(	PUNCT
ejge-4278	67	38	altavilla	altavilla	PROPN
ejge-4278	67	39	2004	2004	NUM
ejge-4278	67	40	,	,	PUNCT
ejge-4278	67	41	de	de	X
ejge-4278	67	42	haan	haan	PROPN
ejge-4278	67	43	et	et	PROPN
ejge-4278	67	44	al	al	PROPN
ejge-4278	67	45	2008	2008	NUM
ejge-4278	67	46	)	)	PUNCT
ejge-4278	67	47	.	.	PUNCT
ejge-4278	68	1	once	once	SCONJ
ejge-4278	68	2	the	the	DET
ejge-4278	68	3	cyclical	cyclical	ADJ
ejge-4278	68	4	components	component	NOUN
ejge-4278	68	5	are	be	AUX
ejge-4278	68	6	known	know	VERB
ejge-4278	68	7	,	,	PUNCT
ejge-4278	68	8	the	the	DET
ejge-4278	68	9	next	next	ADJ
ejge-4278	68	10	step	step	NOUN
ejge-4278	68	11	is	be	AUX
ejge-4278	68	12	to	to	PART
ejge-4278	68	13	measure	measure	VERB
ejge-4278	68	14	to	to	ADP
ejge-4278	68	15	what	what	DET
ejge-4278	68	16	extent	extent	NOUN
ejge-4278	68	17	the	the	DET
ejge-4278	68	18	cycles	cycle	NOUN
ejge-4278	68	19	move	move	VERB
ejge-4278	68	20	in	in	ADP
ejge-4278	68	21	phase	phase	NOUN
ejge-4278	68	22	.	.	PUNCT
ejge-4278	69	1	a	a	DET
ejge-4278	69	2	variety	variety	NOUN
ejge-4278	69	3	of	of	ADP
ejge-4278	69	4	approaches	approach	NOUN
ejge-4278	69	5	have	have	AUX
ejge-4278	69	6	been	be	AUX
ejge-4278	69	7	suggested	suggest	VERB
ejge-4278	69	8	:	:	PUNCT
ejge-4278	69	9	dispersion	dispersion	NOUN
ejge-4278	69	10	statistics	statistic	NOUN
ejge-4278	69	11	,	,	PUNCT
ejge-4278	69	12	correlation	correlation	NOUN
ejge-4278	69	13	coefficients	coefficient	NOUN
ejge-4278	69	14	,	,	PUNCT
ejge-4278	69	15	concordance	concordance	NOUN
ejge-4278	69	16	indices	index	NOUN
ejge-4278	69	17	,	,	PUNCT
ejge-4278	69	18	factor	factor	NOUN
ejge-4278	69	19	analysis	analysis	NOUN
ejge-4278	69	20	,	,	PUNCT
ejge-4278	69	21	european	european	ADJ
ejge-4278	69	22	journal	journal	PROPN
ejge-4278	69	23	of	of	ADP
ejge-4278	69	24	government	government	NOUN
ejge-4278	69	25	and	and	CCONJ
ejge-4278	69	26	economics	economic	NOUN
ejge-4278	69	27	1(1	1(1	NUM
ejge-4278	69	28	)	)	PUNCT
ejge-4278	69	29	90	90	NUM
ejge-4278	69	30	spectral	spectral	ADJ
ejge-4278	69	31	analysis	analysis	NOUN
ejge-4278	69	32	,	,	PUNCT
ejge-4278	69	33	etc	etc	X
ejge-4278	69	34	.	.	X
ejge-4278	70	1	the	the	DET
ejge-4278	70	2	most	most	ADV
ejge-4278	70	3	popular	popular	ADJ
ejge-4278	70	4	procedure	procedure	NOUN
ejge-4278	70	5	consists	consist	VERB
ejge-4278	70	6	of	of	ADP
ejge-4278	70	7	computing	compute	VERB
ejge-4278	70	8	bivariate	bivariate	ADJ
ejge-4278	70	9	correlations	correlation	NOUN
ejge-4278	70	10	to	to	PART
ejge-4278	70	11	quantify	quantify	VERB
ejge-4278	70	12	pairwise	pairwise	NOUN
ejge-4278	70	13	relationships	relationship	NOUN
ejge-4278	70	14	,	,	PUNCT
ejge-4278	70	15	and	and	CCONJ
ejge-4278	70	16	calculating	calculate	VERB
ejge-4278	70	17	their	their	PRON
ejge-4278	70	18	mean	mean	NOUN
ejge-4278	70	19	to	to	PART
ejge-4278	70	20	get	get	VERB
ejge-4278	70	21	a	a	DET
ejge-4278	70	22	summary	summary	NOUN
ejge-4278	70	23	measure	measure	NOUN
ejge-4278	70	24	.	.	PUNCT
ejge-4278	71	1	yet	yet	ADV
ejge-4278	71	2	,	,	PUNCT
ejge-4278	71	3	to	to	PART
ejge-4278	71	4	execute	execute	VERB
ejge-4278	71	5	this	this	DET
ejge-4278	71	6	procedure	procedure	NOUN
ejge-4278	71	7	some	some	DET
ejge-4278	71	8	practical	practical	ADJ
ejge-4278	71	9	aspects	aspect	NOUN
ejge-4278	71	10	have	have	VERB
ejge-4278	71	11	to	to	PART
ejge-4278	71	12	be	be	AUX
ejge-4278	71	13	addressed	address	VERB
ejge-4278	71	14	.	.	PUNCT
ejge-4278	72	1	the	the	DET
ejge-4278	72	2	first	first	ADJ
ejge-4278	72	3	issue	issue	NOUN
ejge-4278	72	4	is	be	AUX
ejge-4278	72	5	whether	whether	SCONJ
ejge-4278	72	6	there	there	PRON
ejge-4278	72	7	exists	exist	VERB
ejge-4278	72	8	a	a	DET
ejge-4278	72	9	reference	reference	NOUN
ejge-4278	72	10	cycle	cycle	NOUN
ejge-4278	72	11	that	that	PRON
ejge-4278	72	12	national	national	ADJ
ejge-4278	72	13	developments	development	NOUN
ejge-4278	72	14	should	should	AUX
ejge-4278	72	15	be	be	AUX
ejge-4278	72	16	compared	compare	VERB
ejge-4278	72	17	to	to	ADP
ejge-4278	72	18	.	.	PUNCT
ejge-4278	73	1	there	there	PRON
ejge-4278	73	2	has	have	AUX
ejge-4278	73	3	been	be	AUX
ejge-4278	73	4	a	a	DET
ejge-4278	73	5	long	long	ADJ
ejge-4278	73	6	debate	debate	NOUN
ejge-4278	73	7	on	on	ADP
ejge-4278	73	8	the	the	DET
ejge-4278	73	9	existence	existence	NOUN
ejge-4278	73	10	of	of	ADP
ejge-4278	73	11	a	a	DET
ejge-4278	73	12	euro	euro	NOUN
ejge-4278	73	13	area	area	NOUN
ejge-4278	73	14	cycle	cycle	NOUN
ejge-4278	73	15	,	,	PUNCT
ejge-4278	73	16	see	see	VERB
ejge-4278	73	17	for	for	ADP
ejge-4278	73	18	instance	instance	NOUN
ejge-4278	73	19	the	the	DET
ejge-4278	73	20	review	review	NOUN
ejge-4278	73	21	by	by	ADP
ejge-4278	73	22	konstantakopoulou	konstantakopoulou	NOUN
ejge-4278	73	23	and	and	CCONJ
ejge-4278	73	24	tsionas	tsionas	NOUN
ejge-4278	73	25	(	(	PUNCT
ejge-4278	73	26	2010	2010	NUM
ejge-4278	73	27	)	)	PUNCT
ejge-4278	73	28	,	,	PUNCT
ejge-4278	73	29	and	and	CCONJ
ejge-4278	73	30	for	for	ADP
ejge-4278	73	31	the	the	DET
ejge-4278	73	32	moment	moment	NOUN
ejge-4278	73	33	no	no	DET
ejge-4278	73	34	firm	firm	ADJ
ejge-4278	73	35	conclusion	conclusion	NOUN
ejge-4278	73	36	has	have	AUX
ejge-4278	73	37	been	be	AUX
ejge-4278	73	38	achieved	achieve	VERB
ejge-4278	73	39	.	.	PUNCT
ejge-4278	74	1	in	in	ADP
ejge-4278	74	2	view	view	NOUN
ejge-4278	74	3	of	of	ADP
ejge-4278	74	4	that	that	PRON
ejge-4278	74	5	,	,	PUNCT
ejge-4278	74	6	some	some	DET
ejge-4278	74	7	authors	author	NOUN
ejge-4278	74	8	do	do	AUX
ejge-4278	74	9	not	not	PART
ejge-4278	74	10	consider	consider	VERB
ejge-4278	74	11	any	any	DET
ejge-4278	74	12	reference	reference	NOUN
ejge-4278	74	13	and	and	CCONJ
ejge-4278	74	14	measure	measure	VERB
ejge-4278	74	15	global	global	ADJ
ejge-4278	74	16	synchronization	synchronization	NOUN
ejge-4278	74	17	by	by	ADP
ejge-4278	74	18	taking	take	VERB
ejge-4278	74	19	the	the	DET
ejge-4278	74	20	unweighted	unweighted	ADJ
ejge-4278	74	21	mean	mean	NOUN
ejge-4278	74	22	of	of	ADP
ejge-4278	74	23	all	all	DET
ejge-4278	74	24	the	the	DET
ejge-4278	74	25	possible	possible	ADJ
ejge-4278	74	26	pairwise	pairwise	NOUN
ejge-4278	74	27	correlations	correlation	NOUN
ejge-4278	74	28	between	between	ADP
ejge-4278	74	29	the	the	DET
ejge-4278	74	30	member	member	NOUN
ejge-4278	74	31	states	state	NOUN
ejge-4278	74	32	(	(	PUNCT
ejge-4278	74	33	gayer	gayer	NOUN
ejge-4278	74	34	2007	2007	NUM
ejge-4278	74	35	,	,	PUNCT
ejge-4278	74	36	artis	artis	PROPN
ejge-4278	74	37	et	et	NOUN
ejge-4278	74	38	al	al	PROPN
ejge-4278	74	39	2008	2008	NUM
ejge-4278	74	40	)	)	PUNCT
ejge-4278	74	41	.	.	PUNCT
ejge-4278	75	1	another	another	DET
ejge-4278	75	2	approach	approach	NOUN
ejge-4278	75	3	consists	consist	VERB
ejge-4278	75	4	of	of	ADP
ejge-4278	75	5	selecting	select	VERB
ejge-4278	75	6	a	a	DET
ejge-4278	75	7	reference	reference	NOUN
ejge-4278	75	8	cycle	cycle	NOUN
ejge-4278	75	9	in	in	ADP
ejge-4278	75	10	an	an	DET
ejge-4278	75	11	empirical	empirical	ADJ
ejge-4278	75	12	way	way	NOUN
ejge-4278	75	13	,	,	PUNCT
ejge-4278	75	14	by	by	ADP
ejge-4278	75	15	defining	define	VERB
ejge-4278	75	16	its	its	PRON
ejge-4278	75	17	value	value	NOUN
ejge-4278	75	18	at	at	ADP
ejge-4278	75	19	t	t	PROPN
ejge-4278	75	20	as	as	ADP
ejge-4278	75	21	the	the	DET
ejge-4278	75	22	median	median	NOUN
ejge-4278	75	23	of	of	ADP
ejge-4278	75	24	all	all	DET
ejge-4278	75	25	the	the	DET
ejge-4278	75	26	national	national	ADJ
ejge-4278	75	27	cycles	cycle	NOUN
ejge-4278	75	28	at	at	ADP
ejge-4278	75	29	that	that	DET
ejge-4278	75	30	moment	moment	NOUN
ejge-4278	75	31	(	(	PUNCT
ejge-4278	75	32	mink	mink	NOUN
ejge-4278	75	33	et	et	PROPN
ejge-4278	75	34	al	al	PROPN
ejge-4278	75	35	,	,	PUNCT
ejge-4278	75	36	2007	2007	NUM
ejge-4278	75	37	)	)	PUNCT
ejge-4278	75	38	.	.	PUNCT
ejge-4278	76	1	in	in	ADP
ejge-4278	76	2	this	this	DET
ejge-4278	76	3	paper	paper	NOUN
ejge-4278	76	4	we	we	PRON
ejge-4278	76	5	opted	opt	VERB
ejge-4278	76	6	for	for	ADP
ejge-4278	76	7	taking	take	VERB
ejge-4278	76	8	the	the	DET
ejge-4278	76	9	cycle	cycle	NOUN
ejge-4278	76	10	of	of	ADP
ejge-4278	76	11	the	the	DET
ejge-4278	76	12	euro	euro	PROPN
ejge-4278	76	13	area	area	NOUN
ejge-4278	76	14	as	as	ADP
ejge-4278	76	15	the	the	DET
ejge-4278	76	16	benchmark	benchmark	NOUN
ejge-4278	76	17	,	,	PUNCT
ejge-4278	76	18	because	because	SCONJ
ejge-4278	76	19	this	this	PRON
ejge-4278	76	20	is	be	AUX
ejge-4278	76	21	the	the	DET
ejge-4278	76	22	reference	reference	NOUN
ejge-4278	76	23	that	that	SCONJ
ejge-4278	76	24	the	the	DET
ejge-4278	76	25	european	european	PROPN
ejge-4278	76	26	central	central	PROPN
ejge-4278	76	27	bank	bank	PROPN
ejge-4278	76	28	tracks	track	NOUN
ejge-4278	76	29	to	to	PART
ejge-4278	76	30	set	set	VERB
ejge-4278	76	31	its	its	PRON
ejge-4278	76	32	policy	policy	NOUN
ejge-4278	76	33	instruments	instrument	NOUN
ejge-4278	76	34	.	.	PUNCT
ejge-4278	77	1	another	another	DET
ejge-4278	77	2	decision	decision	NOUN
ejge-4278	77	3	has	have	VERB
ejge-4278	77	4	to	to	PART
ejge-4278	77	5	be	be	AUX
ejge-4278	77	6	made	make	VERB
ejge-4278	77	7	concerning	concern	VERB
ejge-4278	77	8	the	the	DET
ejge-4278	77	9	time	time	NOUN
ejge-4278	77	10	span	span	NOUN
ejge-4278	77	11	of	of	ADP
ejge-4278	77	12	observations	observation	NOUN
ejge-4278	77	13	used	use	VERB
ejge-4278	77	14	to	to	ADP
ejge-4278	77	15	computing	compute	VERB
ejge-4278	77	16	the	the	DET
ejge-4278	77	17	correlation	correlation	NOUN
ejge-4278	77	18	coefficients	coefficient	NOUN
ejge-4278	77	19	,	,	PUNCT
ejge-4278	77	20	usually	usually	ADV
ejge-4278	77	21	referred	refer	VERB
ejge-4278	77	22	to	to	ADP
ejge-4278	77	23	as	as	ADP
ejge-4278	77	24	the	the	DET
ejge-4278	77	25	size	size	NOUN
ejge-4278	77	26	of	of	ADP
ejge-4278	77	27	the	the	DET
ejge-4278	77	28	window	window	NOUN
ejge-4278	77	29	.	.	PUNCT
ejge-4278	78	1	this	this	PRON
ejge-4278	78	2	is	be	AUX
ejge-4278	78	3	an	an	DET
ejge-4278	78	4	extremely	extremely	ADV
ejge-4278	78	5	relevant	relevant	ADJ
ejge-4278	78	6	issue	issue	NOUN
ejge-4278	78	7	,	,	PUNCT
ejge-4278	78	8	as	as	SCONJ
ejge-4278	78	9	the	the	DET
ejge-4278	78	10	conclusions	conclusion	NOUN
ejge-4278	78	11	may	may	AUX
ejge-4278	78	12	be	be	AUX
ejge-4278	78	13	sensitive	sensitive	ADJ
ejge-4278	78	14	to	to	ADP
ejge-4278	78	15	the	the	DET
ejge-4278	78	16	final	final	ADJ
ejge-4278	78	17	choice	choice	NOUN
ejge-4278	78	18	(	(	PUNCT
ejge-4278	78	19	european	european	PROPN
ejge-4278	78	20	commission	commission	PROPN
ejge-4278	78	21	,	,	PUNCT
ejge-4278	78	22	2006	2006	NUM
ejge-4278	78	23	)	)	PUNCT
ejge-4278	78	24	.	.	PUNCT
ejge-4278	79	1	long	long	ADJ
ejge-4278	79	2	windows	window	NOUN
ejge-4278	79	3	are	be	AUX
ejge-4278	79	4	to	to	PART
ejge-4278	79	5	be	be	AUX
ejge-4278	79	6	avoided	avoid	VERB
ejge-4278	79	7	when	when	SCONJ
ejge-4278	79	8	the	the	DET
ejge-4278	79	9	focus	focus	NOUN
ejge-4278	79	10	is	be	AUX
ejge-4278	79	11	on	on	ADP
ejge-4278	79	12	the	the	DET
ejge-4278	79	13	changes	change	NOUN
ejge-4278	79	14	in	in	ADP
ejge-4278	79	15	the	the	DET
ejge-4278	79	16	very	very	ADV
ejge-4278	79	17	final	final	ADJ
ejge-4278	79	18	part	part	NOUN
ejge-4278	79	19	of	of	ADP
ejge-4278	79	20	the	the	DET
ejge-4278	79	21	sample	sample	NOUN
ejge-4278	79	22	,	,	PUNCT
ejge-4278	79	23	as	as	SCONJ
ejge-4278	79	24	they	they	PRON
ejge-4278	79	25	miss	miss	VERB
ejge-4278	79	26	the	the	DET
ejge-4278	79	27	most	most	ADV
ejge-4278	79	28	recent	recent	ADJ
ejge-4278	79	29	developments	development	NOUN
ejge-4278	79	30	.	.	PUNCT
ejge-4278	80	1	short	short	ADJ
ejge-4278	80	2	windows	window	NOUN
ejge-4278	80	3	,	,	PUNCT
ejge-4278	80	4	however	however	ADV
ejge-4278	80	5	,	,	PUNCT
ejge-4278	80	6	are	be	AUX
ejge-4278	80	7	known	know	VERB
ejge-4278	80	8	to	to	PART
ejge-4278	80	9	be	be	AUX
ejge-4278	80	10	more	more	ADV
ejge-4278	80	11	volatile	volatile	ADJ
ejge-4278	80	12	,	,	PUNCT
ejge-4278	80	13	and	and	CCONJ
ejge-4278	80	14	to	to	PART
ejge-4278	80	15	produce	produce	VERB
ejge-4278	80	16	artificial	artificial	ADJ
ejge-4278	80	17	drops	drop	NOUN
ejge-4278	80	18	in	in	ADP
ejge-4278	80	19	the	the	DET
ejge-4278	80	20	correlations	correlation	NOUN
ejge-4278	80	21	near	near	ADP
ejge-4278	80	22	the	the	DET
ejge-4278	80	23	turning	turning	NOUN
ejge-4278	80	24	points	point	NOUN
ejge-4278	80	25	of	of	ADP
ejge-4278	80	26	the	the	DET
ejge-4278	80	27	cycles	cycle	NOUN
ejge-4278	80	28	if	if	SCONJ
ejge-4278	80	29	the	the	DET
ejge-4278	80	30	size	size	NOUN
ejge-4278	80	31	of	of	ADP
ejge-4278	80	32	the	the	DET
ejge-4278	80	33	window	window	NOUN
ejge-4278	80	34	is	be	AUX
ejge-4278	80	35	less	less	ADJ
ejge-4278	80	36	than	than	ADP
ejge-4278	80	37	the	the	DET
ejge-4278	80	38	duration	duration	NOUN
ejge-4278	80	39	of	of	ADP
ejge-4278	80	40	the	the	DET
ejge-4278	80	41	cycle	cycle	NOUN
ejge-4278	80	42	.	.	PUNCT
ejge-4278	81	1	the	the	DET
ejge-4278	81	2	empirical	empirical	ADJ
ejge-4278	81	3	literature	literature	NOUN
ejge-4278	81	4	has	have	AUX
ejge-4278	81	5	considered	consider	VERB
ejge-4278	81	6	window	window	NOUN
ejge-4278	81	7	sizes	size	NOUN
ejge-4278	81	8	ranging	range	VERB
ejge-4278	81	9	from	from	ADP
ejge-4278	81	10	three	three	NUM
ejge-4278	81	11	to	to	PART
ejge-4278	81	12	ten	ten	NUM
ejge-4278	81	13	years	year	NOUN
ejge-4278	81	14	(	(	PUNCT
ejge-4278	81	15	papageorgiou	papageorgiou	NOUN
ejge-4278	81	16	et	et	PROPN
ejge-4278	81	17	al	al	PROPN
ejge-4278	81	18	,	,	PUNCT
ejge-4278	81	19	2010	2010	NUM
ejge-4278	81	20	)	)	PUNCT
ejge-4278	81	21	.	.	PUNCT
ejge-4278	82	1	in	in	ADP
ejge-4278	82	2	particular	particular	ADJ
ejge-4278	82	3	,	,	PUNCT
ejge-4278	82	4	the	the	DET
ejge-4278	82	5	european	european	PROPN
ejge-4278	82	6	commission	commission	PROPN
ejge-4278	82	7	monitors	monitor	VERB
ejge-4278	82	8	cyclical	cyclical	ADJ
ejge-4278	82	9	convergence	convergence	NOUN
ejge-4278	82	10	in	in	ADP
ejge-4278	82	11	the	the	DET
ejge-4278	82	12	euro	euro	NOUN
ejge-4278	82	13	area	area	NOUN
ejge-4278	82	14	by	by	ADP
ejge-4278	82	15	using	use	VERB
ejge-4278	82	16	windows	window	NOUN
ejge-4278	82	17	of	of	ADP
ejge-4278	82	18	4	4	NUM
ejge-4278	82	19	,	,	PUNCT
ejge-4278	82	20	6	6	NUM
ejge-4278	82	21	and	and	CCONJ
ejge-4278	82	22	8	8	NUM
ejge-4278	82	23	years	year	NOUN
ejge-4278	82	24	(	(	PUNCT
ejge-4278	82	25	european	european	PROPN
ejge-4278	82	26	commission	commission	PROPN
ejge-4278	82	27	2004	2004	NUM
ejge-4278	82	28	,	,	PUNCT
ejge-4278	82	29	2006	2006	NUM
ejge-4278	82	30	and	and	CCONJ
ejge-4278	82	31	2010	2010	NUM
ejge-4278	82	32	)	)	PUNCT
ejge-4278	82	33	.	.	PUNCT
ejge-4278	83	1	we	we	PRON
ejge-4278	83	2	opted	opt	VERB
ejge-4278	83	3	for	for	ADP
ejge-4278	83	4	a	a	DET
ejge-4278	83	5	window	window	NOUN
ejge-4278	83	6	size	size	NOUN
ejge-4278	83	7	of	of	ADP
ejge-4278	83	8	four	four	NUM
ejge-4278	83	9	years	year	NOUN
ejge-4278	83	10	,	,	PUNCT
ejge-4278	83	11	which	which	PRON
ejge-4278	83	12	appears	appear	VERB
ejge-4278	83	13	to	to	PART
ejge-4278	83	14	be	be	AUX
ejge-4278	83	15	the	the	DET
ejge-4278	83	16	shortest	short	ADJ
ejge-4278	83	17	span	span	NOUN
ejge-4278	83	18	free	free	ADJ
ejge-4278	83	19	from	from	ADP
ejge-4278	83	20	spurious	spurious	ADJ
ejge-4278	83	21	drops	drop	NOUN
ejge-4278	83	22	in	in	ADP
ejge-4278	83	23	correlations	correlation	NOUN
ejge-4278	83	24	.	.	PUNCT
ejge-4278	84	1	once	once	SCONJ
ejge-4278	84	2	the	the	DET
ejge-4278	84	3	coefficient	coefficient	NOUN
ejge-4278	84	4	is	be	AUX
ejge-4278	84	5	computed	compute	VERB
ejge-4278	84	6	,	,	PUNCT
ejge-4278	84	7	the	the	DET
ejge-4278	84	8	result	result	NOUN
ejge-4278	84	9	is	be	AUX
ejge-4278	84	10	assigned	assign	VERB
ejge-4278	84	11	to	to	ADP
ejge-4278	84	12	the	the	DET
ejge-4278	84	13	last	last	ADJ
ejge-4278	84	14	t	t	NOUN
ejge-4278	84	15	of	of	ADP
ejge-4278	84	16	the	the	DET
ejge-4278	84	17	time	time	NOUN
ejge-4278	84	18	interval	interval	NOUN
ejge-4278	84	19	that	that	PRON
ejge-4278	84	20	was	be	AUX
ejge-4278	84	21	used	use	VERB
ejge-4278	84	22	in	in	ADP
ejge-4278	84	23	its	its	PRON
ejge-4278	84	24	calculation	calculation	NOUN
ejge-4278	84	25	,	,	PUNCT
ejge-4278	84	26	so	so	CCONJ
ejge-4278	84	27	the	the	DET
ejge-4278	84	28	correlation	correlation	NOUN
ejge-4278	84	29	at	at	ADP
ejge-4278	84	30	t	t	PROPN
ejge-4278	84	31	measures	measure	NOUN
ejge-4278	84	32	comovement	comovement	VERB
ejge-4278	84	33	in	in	ADP
ejge-4278	84	34	the	the	DET
ejge-4278	84	35	four	four	NUM
ejge-4278	84	36	years	year	NOUN
ejge-4278	84	37	up	up	ADP
ejge-4278	84	38	to	to	ADP
ejge-4278	84	39	that	that	DET
ejge-4278	84	40	point	point	NOUN
ejge-4278	84	41	.	.	PUNCT
ejge-4278	85	1	the	the	DET
ejge-4278	85	2	bivariate	bivariate	ADJ
ejge-4278	85	3	correlations	correlation	NOUN
ejge-4278	85	4	between	between	ADP
ejge-4278	85	5	each	each	DET
ejge-4278	85	6	member	member	NOUN
ejge-4278	85	7	state	state	NOUN
ejge-4278	85	8	and	and	CCONJ
ejge-4278	85	9	the	the	DET
ejge-4278	85	10	euro	euro	PROPN
ejge-4278	85	11	area	area	NOUN
ejge-4278	85	12	were	be	AUX
ejge-4278	85	13	calculated	calculate	VERB
ejge-4278	85	14	over	over	ADP
ejge-4278	85	15	a	a	DET
ejge-4278	85	16	series	series	NOUN
ejge-4278	85	17	of	of	ADP
ejge-4278	85	18	rolling	roll	VERB
ejge-4278	85	19	windows	window	NOUN
ejge-4278	85	20	with	with	ADP
ejge-4278	85	21	a	a	DET
ejge-4278	85	22	fixed	fix	VERB
ejge-4278	85	23	length	length	NOUN
ejge-4278	85	24	of	of	ADP
ejge-4278	85	25	four	four	NUM
ejge-4278	85	26	years	year	NOUN
ejge-4278	85	27	,	,	PUNCT
ejge-4278	85	28	to	to	PART
ejge-4278	85	29	track	track	VERB
ejge-4278	85	30	the	the	DET
ejge-4278	85	31	change	change	NOUN
ejge-4278	85	32	in	in	ADP
ejge-4278	85	33	output	output	NOUN
ejge-4278	85	34	comovements	comovement	NOUN
ejge-4278	85	35	over	over	ADP
ejge-4278	85	36	time	time	NOUN
ejge-4278	85	37	.	.	PUNCT
ejge-4278	86	1	synchronization	synchronization	NOUN
ejge-4278	86	2	for	for	ADP
ejge-4278	86	3	the	the	DET
ejge-4278	86	4	area	area	NOUN
ejge-4278	86	5	as	as	ADP
ejge-4278	86	6	a	a	DET
ejge-4278	86	7	whole	whole	NOUN
ejge-4278	86	8	at	at	ADP
ejge-4278	86	9	each	each	DET
ejge-4278	86	10	t	t	NOUN
ejge-4278	86	11	is	be	AUX
ejge-4278	86	12	measured	measure	VERB
ejge-4278	86	13	by	by	ADP
ejge-4278	86	14	the	the	DET
ejge-4278	86	15	mean	mean	ADJ
ejge-4278	86	16	value	value	NOUN
ejge-4278	86	17	of	of	ADP
ejge-4278	86	18	all	all	DET
ejge-4278	86	19	bivariate	bivariate	ADJ
ejge-4278	86	20	correlations	correlation	NOUN
ejge-4278	86	21	for	for	ADP
ejge-4278	86	22	that	that	DET
ejge-4278	86	23	moment	moment	NOUN
ejge-4278	86	24	.	.	PUNCT
ejge-4278	87	1	empirical	empirical	ADJ
ejge-4278	87	2	results	result	NOUN
ejge-4278	87	3	and	and	CCONJ
ejge-4278	87	4	discussion	discussion	NOUN
ejge-4278	87	5	we	we	PRON
ejge-4278	87	6	use	use	VERB
ejge-4278	87	7	data	datum	NOUN
ejge-4278	87	8	on	on	ADP
ejge-4278	87	9	quarterly	quarterly	ADJ
ejge-4278	87	10	real	real	ADJ
ejge-4278	87	11	gdp	gdp	NOUN
ejge-4278	87	12	for	for	ADP
ejge-4278	87	13	the	the	DET
ejge-4278	87	14	aggregate	aggregate	NOUN
ejge-4278	87	15	of	of	ADP
ejge-4278	87	16	the	the	DET
ejge-4278	87	17	euro	euro	PROPN
ejge-4278	87	18	area	area	NOUN
ejge-4278	87	19	,	,	PUNCT
ejge-4278	87	20	eleven	eleven	NUM
ejge-4278	87	21	member	member	NOUN
ejge-4278	87	22	states	states	PROPN
ejge-4278	87	23	(	(	PUNCT
ejge-4278	87	24	belgium	belgium	PROPN
ejge-4278	87	25	,	,	PUNCT
ejge-4278	87	26	germany	germany	PROPN
ejge-4278	87	27	,	,	PUNCT
ejge-4278	87	28	ireland	ireland	PROPN
ejge-4278	87	29	,	,	PUNCT
ejge-4278	87	30	greece	greece	PROPN
ejge-4278	87	31	,	,	PUNCT
ejge-4278	87	32	spain	spain	PROPN
ejge-4278	87	33	,	,	PUNCT
ejge-4278	87	34	france	france	PROPN
ejge-4278	87	35	,	,	PUNCT
ejge-4278	87	36	italy	italy	PROPN
ejge-4278	87	37	,	,	PUNCT
ejge-4278	87	38	the	the	DET
ejge-4278	87	39	netherlands	netherlands	PROPN
ejge-4278	87	40	,	,	PUNCT
ejge-4278	87	41	austria	austria	PROPN
ejge-4278	87	42	,	,	PUNCT
ejge-4278	87	43	portugal	portugal	PROPN
ejge-4278	87	44	and	and	CCONJ
ejge-4278	87	45	finland	finland	PROPN
ejge-4278	87	46	)	)	PUNCT
ejge-4278	87	47	,	,	PUNCT
ejge-4278	87	48	three	three	NUM
ejge-4278	87	49	members	member	NOUN
ejge-4278	87	50	of	of	ADP
ejge-4278	87	51	the	the	DET
ejge-4278	87	52	european	european	PROPN
ejge-4278	87	53	union	union	PROPN
ejge-4278	87	54	that	that	PRON
ejge-4278	87	55	did	do	AUX
ejge-4278	87	56	not	not	PART
ejge-4278	87	57	join	join	VERB
ejge-4278	87	58	the	the	DET
ejge-4278	87	59	currency	currency	NOUN
ejge-4278	87	60	area	area	NOUN
ejge-4278	87	61	(	(	PUNCT
ejge-4278	87	62	denmark	denmark	PROPN
ejge-4278	87	63	,	,	PUNCT
ejge-4278	87	64	sweden	sweden	PROPN
ejge-4278	87	65	and	and	CCONJ
ejge-4278	87	66	the	the	DET
ejge-4278	87	67	united	united	ADJ
ejge-4278	87	68	kingdom	kingdom	PROPN
ejge-4278	87	69	)	)	PUNCT
ejge-4278	87	70	,	,	PUNCT
ejge-4278	87	71	and	and	CCONJ
ejge-4278	87	72	three	three	NUM
ejge-4278	87	73	external	external	ADJ
ejge-4278	87	74	countries	country	NOUN
ejge-4278	87	75	(	(	PUNCT
ejge-4278	87	76	switzerland	switzerland	PROPN
ejge-4278	87	77	,	,	PUNCT
ejge-4278	87	78	japan	japan	PROPN
ejge-4278	87	79	and	and	CCONJ
ejge-4278	87	80	the	the	DET
ejge-4278	87	81	usa	usa	PROPN
ejge-4278	87	82	)	)	PUNCT
ejge-4278	87	83	.	.	PUNCT
ejge-4278	88	1	all	all	DET
ejge-4278	88	2	the	the	DET
ejge-4278	88	3	data	datum	NOUN
ejge-4278	88	4	are	be	AUX
ejge-4278	88	5	obtained	obtain	VERB
ejge-4278	88	6	from	from	ADP
ejge-4278	88	7	eurostat	eurostat	PROPN
ejge-4278	88	8	.	.	PUNCT
ejge-4278	89	1	following	follow	VERB
ejge-4278	89	2	the	the	DET
ejge-4278	89	3	usual	usual	ADJ
ejge-4278	89	4	practice	practice	NOUN
ejge-4278	89	5	in	in	ADP
ejge-4278	89	6	empirical	empirical	ADJ
ejge-4278	89	7	studies	study	NOUN
ejge-4278	89	8	,	,	PUNCT
ejge-4278	89	9	the	the	DET
ejge-4278	89	10	emu	emu	PROPN
ejge-4278	89	11	aggregate	aggregate	VERB
ejge-4278	89	12	consists	consist	NOUN
ejge-4278	89	13	of	of	ADP
ejge-4278	89	14	the	the	DET
ejge-4278	89	15	12	12	NUM
ejge-4278	89	16	countries	country	NOUN
ejge-4278	89	17	that	that	PRON
ejge-4278	89	18	formed	form	VERB
ejge-4278	89	19	the	the	DET
ejge-4278	89	20	currency	currency	NOUN
ejge-4278	89	21	union	union	NOUN
ejge-4278	89	22	up	up	ADP
ejge-4278	89	23	to	to	ADP
ejge-4278	89	24	december	december	PROPN
ejge-4278	89	25	2006	2006	NUM
ejge-4278	89	26	.	.	PUNCT
ejge-4278	90	1	quarterly	quarterly	ADJ
ejge-4278	90	2	gdp	gdp	NOUN
ejge-4278	90	3	for	for	ADP
ejge-4278	90	4	greece	greece	PROPN
ejge-4278	90	5	is	be	AUX
ejge-4278	90	6	only	only	ADV
ejge-4278	90	7	available	available	ADJ
ejge-4278	90	8	from	from	ADP
ejge-4278	90	9	2000:1	2000:1	NUM
ejge-4278	90	10	onwards	onward	NOUN
ejge-4278	90	11	,	,	PUNCT
ejge-4278	90	12	so	so	CCONJ
ejge-4278	90	13	the	the	DET
ejge-4278	90	14	working	work	VERB
ejge-4278	90	15	sample	sample	NOUN
ejge-4278	90	16	starts	start	VERB
ejge-4278	90	17	at	at	ADP
ejge-4278	90	18	this	this	DET
ejge-4278	90	19	date	date	NOUN
ejge-4278	90	20	.	.	PUNCT
ejge-4278	91	1	previous	previous	ADJ
ejge-4278	91	2	data	datum	NOUN
ejge-4278	91	3	on	on	ADP
ejge-4278	91	4	the	the	DET
ejge-4278	91	5	other	other	ADJ
ejge-4278	91	6	countries	country	NOUN
ejge-4278	91	7	were	be	AUX
ejge-4278	91	8	used	use	VERB
ejge-4278	91	9	to	to	PART
ejge-4278	91	10	improve	improve	VERB
ejge-4278	91	11	the	the	DET
ejge-4278	91	12	estimates	estimate	NOUN
ejge-4278	91	13	of	of	ADP
ejge-4278	91	14	the	the	DET
ejge-4278	91	15	cyclical	cyclical	ADJ
ejge-4278	91	16	component	component	NOUN
ejge-4278	91	17	at	at	ADP
ejge-4278	91	18	the	the	DET
ejge-4278	91	19	beginning	beginning	NOUN
ejge-4278	91	20	of	of	ADP
ejge-4278	91	21	the	the	DET
ejge-4278	91	22	sample	sample	NOUN
ejge-4278	91	23	.	.	PUNCT
ejge-4278	92	1	the	the	DET
ejge-4278	92	2	sample	sample	NOUN
ejge-4278	92	3	information	information	NOUN
ejge-4278	92	4	ends	end	VERB
ejge-4278	92	5	in	in	ADP
ejge-4278	92	6	2011:4	2011:4	NUM
ejge-4278	92	7	,	,	PUNCT
ejge-4278	92	8	with	with	ADP
ejge-4278	92	9	the	the	DET
ejge-4278	92	10	exceptions	exception	NOUN
ejge-4278	92	11	of	of	ADP
ejge-4278	92	12	ireland	ireland	NOUN
ejge-4278	92	13	(	(	PUNCT
ejge-4278	92	14	2011:3	2011:3	NUM
ejge-4278	92	15	)	)	PUNCT
ejge-4278	92	16	,	,	PUNCT
ejge-4278	92	17	greece	greece	PROPN
ejge-4278	92	18	(	(	PUNCT
ejge-4278	92	19	2011:1	2011:1	NUM
ejge-4278	92	20	)	)	PUNCT
ejge-4278	92	21	and	and	CCONJ
ejge-4278	92	22	portugal	portugal	PROPN
ejge-4278	92	23	(	(	PUNCT
ejge-4278	92	24	2011:3	2011:3	NUM
ejge-4278	92	25	)	)	PUNCT
ejge-4278	92	26	.	.	PUNCT
ejge-4278	93	1	in	in	ADP
ejge-4278	93	2	these	these	DET
ejge-4278	93	3	countries	country	NOUN
ejge-4278	93	4	the	the	DET
ejge-4278	93	5	missing	missing	ADJ
ejge-4278	93	6	quarters	quarter	NOUN
ejge-4278	93	7	of	of	ADP
ejge-4278	93	8	2011	2011	NUM
ejge-4278	93	9	were	be	AUX
ejge-4278	93	10	forecasted	forecast	VERB
ejge-4278	93	11	with	with	ADP
ejge-4278	93	12	the	the	DET
ejge-4278	93	13	restriction	restriction	NOUN
ejge-4278	93	14	that	that	PRON
ejge-4278	93	15	the	the	DET
ejge-4278	93	16	annual	annual	ADJ
ejge-4278	93	17	figure	figure	NOUN
ejge-4278	93	18	should	should	AUX
ejge-4278	93	19	be	be	AUX
ejge-4278	93	20	equal	equal	ADJ
ejge-4278	93	21	to	to	ADP
ejge-4278	93	22	the	the	DET
ejge-4278	93	23	european	european	PROPN
ejge-4278	93	24	commission	commission	PROPN
ejge-4278	93	25	forecast	forecast	PROPN
ejge-4278	93	26	for	for	ADP
ejge-4278	93	27	the	the	DET
ejge-4278	93	28	whole	whole	ADJ
ejge-4278	93	29	year	year	NOUN
ejge-4278	93	30	2011	2011	NUM
ejge-4278	93	31	.	.	PUNCT
ejge-4278	94	1	figure	figure	NOUN
ejge-4278	94	2	1	1	NUM
ejge-4278	94	3	displays	display	VERB
ejge-4278	94	4	some	some	DET
ejge-4278	94	5	raw	raw	ADJ
ejge-4278	94	6	measures	measure	NOUN
ejge-4278	94	7	of	of	ADP
ejge-4278	94	8	synchronization	synchronization	NOUN
ejge-4278	94	9	from	from	ADP
ejge-4278	94	10	2004:1	2004:1	NUM
ejge-4278	94	11	to	to	ADP
ejge-4278	94	12	2011:4	2011:4	NUM
ejge-4278	94	13	.	.	PUNCT
ejge-4278	95	1	the	the	DET
ejge-4278	95	2	line	line	NOUN
ejge-4278	95	3	for	for	ADP
ejge-4278	95	4	the	the	DET
ejge-4278	95	5	euro	euro	PROPN
ejge-4278	95	6	area	area	NOUN
ejge-4278	95	7	represents	represent	VERB
ejge-4278	95	8	the	the	DET
ejge-4278	95	9	mean	mean	ADJ
ejge-4278	95	10	values	value	NOUN
ejge-4278	95	11	of	of	ADP
ejge-4278	95	12	the	the	DET
ejge-4278	95	13	bivariate	bivariate	ADJ
ejge-4278	95	14	correlations	correlation	NOUN
ejge-4278	95	15	european	european	PROPN
ejge-4278	95	16	journal	journal	PROPN
ejge-4278	95	17	of	of	ADP
ejge-4278	95	18	government	government	NOUN
ejge-4278	95	19	and	and	CCONJ
ejge-4278	95	20	economics	economic	NOUN
ejge-4278	95	21	1(1	1(1	NUM
ejge-4278	95	22	)	)	PUNCT
ejge-4278	95	23	91	91	NUM
ejge-4278	95	24	between	between	ADP
ejge-4278	95	25	each	each	DET
ejge-4278	95	26	member	member	NOUN
ejge-4278	95	27	state	state	NOUN
ejge-4278	95	28	and	and	CCONJ
ejge-4278	95	29	the	the	DET
ejge-4278	95	30	area	area	NOUN
ejge-4278	95	31	as	as	ADP
ejge-4278	95	32	whole	whole	ADJ
ejge-4278	95	33	,	,	PUNCT
ejge-4278	95	34	and	and	CCONJ
ejge-4278	95	35	captures	capture	VERB
ejge-4278	95	36	the	the	DET
ejge-4278	95	37	degree	degree	NOUN
ejge-4278	95	38	of	of	ADP
ejge-4278	95	39	intra	intra	ADJ
ejge-4278	95	40	-	-	ADJ
ejge-4278	95	41	euro	euro	ADJ
ejge-4278	95	42	-	-	PUNCT
ejge-4278	95	43	area	area	NOUN
ejge-4278	95	44	synchronization	synchronization	NOUN
ejge-4278	95	45	.	.	PUNCT
ejge-4278	96	1	the	the	DET
ejge-4278	96	2	line	line	NOUN
ejge-4278	96	3	for	for	ADP
ejge-4278	96	4	the	the	DET
ejge-4278	96	5	countries	country	NOUN
ejge-4278	96	6	of	of	ADP
ejge-4278	96	7	the	the	DET
ejge-4278	96	8	european	european	PROPN
ejge-4278	96	9	union	union	PROPN
ejge-4278	96	10	that	that	PRON
ejge-4278	96	11	do	do	AUX
ejge-4278	96	12	not	not	PART
ejge-4278	96	13	belong	belong	VERB
ejge-4278	96	14	to	to	ADP
ejge-4278	96	15	the	the	DET
ejge-4278	96	16	euro	euro	NOUN
ejge-4278	96	17	area	area	NOUN
ejge-4278	96	18	is	be	AUX
ejge-4278	96	19	computed	compute	VERB
ejge-4278	96	20	as	as	ADP
ejge-4278	96	21	the	the	DET
ejge-4278	96	22	mean	mean	NOUN
ejge-4278	96	23	of	of	ADP
ejge-4278	96	24	the	the	DET
ejge-4278	96	25	bivariate	bivariate	ADJ
ejge-4278	96	26	correlations	correlation	NOUN
ejge-4278	96	27	of	of	ADP
ejge-4278	96	28	the	the	DET
ejge-4278	96	29	three	three	NUM
ejge-4278	96	30	countries	country	NOUN
ejge-4278	96	31	within	within	ADP
ejge-4278	96	32	this	this	DET
ejge-4278	96	33	group	group	NOUN
ejge-4278	96	34	(	(	PUNCT
ejge-4278	96	35	denmark	denmark	PROPN
ejge-4278	96	36	,	,	PUNCT
ejge-4278	96	37	sweden	sweden	PROPN
ejge-4278	96	38	and	and	CCONJ
ejge-4278	96	39	the	the	DET
ejge-4278	96	40	united	united	ADJ
ejge-4278	96	41	kingdom	kingdom	PROPN
ejge-4278	96	42	)	)	PUNCT
ejge-4278	96	43	with	with	ADP
ejge-4278	96	44	the	the	DET
ejge-4278	96	45	emu	emu	PROPN
ejge-4278	96	46	aggregate	aggregate	NOUN
ejge-4278	96	47	,	,	PUNCT
ejge-4278	96	48	and	and	CCONJ
ejge-4278	96	49	gives	give	VERB
ejge-4278	96	50	information	information	NOUN
ejge-4278	96	51	about	about	ADP
ejge-4278	96	52	how	how	SCONJ
ejge-4278	96	53	the	the	DET
ejge-4278	96	54	cyclical	cyclical	ADJ
ejge-4278	96	55	synchronization	synchronization	NOUN
ejge-4278	96	56	within	within	ADP
ejge-4278	96	57	the	the	DET
ejge-4278	96	58	european	european	PROPN
ejge-4278	96	59	union	union	PROPN
ejge-4278	96	60	has	have	AUX
ejge-4278	96	61	evolved	evolve	VERB
ejge-4278	96	62	.	.	PUNCT
ejge-4278	97	1	the	the	DET
ejge-4278	97	2	third	third	ADJ
ejge-4278	97	3	line	line	NOUN
ejge-4278	97	4	reports	report	VERB
ejge-4278	97	5	the	the	DET
ejge-4278	97	6	mean	mean	ADJ
ejge-4278	97	7	correlation	correlation	NOUN
ejge-4278	97	8	of	of	ADP
ejge-4278	97	9	switzerland	switzerland	PROPN
ejge-4278	97	10	,	,	PUNCT
ejge-4278	97	11	japan	japan	PROPN
ejge-4278	97	12	and	and	CCONJ
ejge-4278	97	13	the	the	DET
ejge-4278	97	14	usa	usa	PROPN
ejge-4278	97	15	with	with	ADP
ejge-4278	97	16	the	the	DET
ejge-4278	97	17	euro	euro	PROPN
ejge-4278	97	18	area	area	NOUN
ejge-4278	97	19	,	,	PUNCT
ejge-4278	97	20	and	and	CCONJ
ejge-4278	97	21	is	be	AUX
ejge-4278	97	22	aimed	aim	VERB
ejge-4278	97	23	to	to	PART
ejge-4278	97	24	reflect	reflect	VERB
ejge-4278	97	25	global	global	ADJ
ejge-4278	97	26	trends	trend	NOUN
ejge-4278	97	27	in	in	ADP
ejge-4278	97	28	economic	economic	ADJ
ejge-4278	97	29	integration	integration	NOUN
ejge-4278	97	30	.	.	PUNCT
ejge-4278	98	1	taken	take	VERB
ejge-4278	98	2	together	together	ADV
ejge-4278	98	3	,	,	PUNCT
ejge-4278	98	4	the	the	DET
ejge-4278	98	5	three	three	NUM
ejge-4278	98	6	lines	line	NOUN
ejge-4278	98	7	give	give	VERB
ejge-4278	98	8	insight	insight	NOUN
ejge-4278	98	9	into	into	ADP
ejge-4278	98	10	whether	whether	SCONJ
ejge-4278	98	11	the	the	DET
ejge-4278	98	12	changes	change	NOUN
ejge-4278	98	13	in	in	ADP
ejge-4278	98	14	output	output	NOUN
ejge-4278	98	15	comovements	comovement	NOUN
ejge-4278	98	16	within	within	ADP
ejge-4278	98	17	the	the	DET
ejge-4278	98	18	emu	emu	PROPN
ejge-4278	98	19	are	be	AUX
ejge-4278	98	20	a	a	DET
ejge-4278	98	21	particular	particular	ADJ
ejge-4278	98	22	development	development	NOUN
ejge-4278	98	23	of	of	ADP
ejge-4278	98	24	the	the	DET
ejge-4278	98	25	currency	currency	NOUN
ejge-4278	98	26	union	union	NOUN
ejge-4278	98	27	,	,	PUNCT
ejge-4278	98	28	or	or	CCONJ
ejge-4278	98	29	part	part	NOUN
ejge-4278	98	30	of	of	ADP
ejge-4278	98	31	a	a	DET
ejge-4278	98	32	more	more	ADV
ejge-4278	98	33	general	general	ADJ
ejge-4278	98	34	european	european	ADJ
ejge-4278	98	35	or	or	CCONJ
ejge-4278	98	36	world	world	NOUN
ejge-4278	98	37	pattern	pattern	NOUN
ejge-4278	98	38	.	.	PUNCT
ejge-4278	99	1	the	the	DET
ejge-4278	99	2	figure	figure	NOUN
ejge-4278	99	3	shows	show	VERB
ejge-4278	99	4	that	that	SCONJ
ejge-4278	99	5	all	all	DET
ejge-4278	99	6	types	type	NOUN
ejge-4278	99	7	of	of	ADP
ejge-4278	99	8	synchronization	synchronization	NOUN
ejge-4278	99	9	fell	fall	VERB
ejge-4278	99	10	until	until	ADP
ejge-4278	99	11	2005	2005	NUM
ejge-4278	99	12	,	,	PUNCT
ejge-4278	99	13	and	and	CCONJ
ejge-4278	99	14	then	then	ADV
ejge-4278	99	15	started	start	VERB
ejge-4278	99	16	to	to	PART
ejge-4278	99	17	increase	increase	VERB
ejge-4278	99	18	up	up	ADV
ejge-4278	99	19	to	to	ADP
ejge-4278	99	20	2008	2008	NUM
ejge-4278	99	21	.	.	PUNCT
ejge-4278	100	1	the	the	DET
ejge-4278	100	2	values	value	NOUN
ejge-4278	100	3	for	for	ADP
ejge-4278	100	4	2005	2005	NUM
ejge-4278	100	5	were	be	AUX
ejge-4278	100	6	computed	compute	VERB
ejge-4278	100	7	with	with	ADP
ejge-4278	100	8	data	datum	NOUN
ejge-4278	100	9	for	for	ADP
ejge-4278	100	10	the	the	DET
ejge-4278	100	11	period	period	NOUN
ejge-4278	100	12	2002	2002	NUM
ejge-4278	100	13	-	-	SYM
ejge-4278	100	14	2005	2005	NUM
ejge-4278	100	15	,	,	PUNCT
ejge-4278	100	16	which	which	PRON
ejge-4278	100	17	included	include	VERB
ejge-4278	100	18	the	the	DET
ejge-4278	100	19	recession	recession	NOUN
ejge-4278	100	20	of	of	ADP
ejge-4278	100	21	the	the	DET
ejge-4278	100	22	beginning	beginning	NOUN
ejge-4278	100	23	of	of	ADP
ejge-4278	100	24	that	that	DET
ejge-4278	100	25	decade	decade	NOUN
ejge-4278	100	26	and	and	CCONJ
ejge-4278	100	27	the	the	DET
ejge-4278	100	28	early	early	ADJ
ejge-4278	100	29	stages	stage	NOUN
ejge-4278	100	30	of	of	ADP
ejge-4278	100	31	the	the	DET
ejge-4278	100	32	subsequent	subsequent	ADJ
ejge-4278	100	33	recovery	recovery	NOUN
ejge-4278	100	34	.	.	PUNCT
ejge-4278	101	1	national	national	ADJ
ejge-4278	101	2	cyclical	cyclical	ADJ
ejge-4278	101	3	developments	development	NOUN
ejge-4278	101	4	were	be	AUX
ejge-4278	101	5	rather	rather	ADV
ejge-4278	101	6	heterogeneous	heterogeneous	ADJ
ejge-4278	101	7	in	in	ADP
ejge-4278	101	8	that	that	DET
ejge-4278	101	9	period	period	NOUN
ejge-4278	101	10	,	,	PUNCT
ejge-4278	101	11	but	but	CCONJ
ejge-4278	101	12	became	become	VERB
ejge-4278	101	13	more	more	ADV
ejge-4278	101	14	homogeneous	homogeneous	ADJ
ejge-4278	101	15	as	as	SCONJ
ejge-4278	101	16	the	the	DET
ejge-4278	101	17	expansion	expansion	NOUN
ejge-4278	101	18	consolidated	consolidate	VERB
ejge-4278	101	19	.	.	PUNCT
ejge-4278	102	1	as	as	SCONJ
ejge-4278	102	2	expected	expect	VERB
ejge-4278	102	3	,	,	PUNCT
ejge-4278	102	4	cyclical	cyclical	ADJ
ejge-4278	102	5	synchronization	synchronization	NOUN
ejge-4278	102	6	was	be	AUX
ejge-4278	102	7	higher	high	ADJ
ejge-4278	102	8	within	within	ADP
ejge-4278	102	9	the	the	DET
ejge-4278	102	10	euro	euro	NOUN
ejge-4278	102	11	area	area	NOUN
ejge-4278	102	12	than	than	ADP
ejge-4278	102	13	in	in	ADP
ejge-4278	102	14	the	the	DET
ejge-4278	102	15	european	european	PROPN
ejge-4278	102	16	union	union	PROPN
ejge-4278	102	17	or	or	CCONJ
ejge-4278	102	18	the	the	DET
ejge-4278	102	19	developed	developed	ADJ
ejge-4278	102	20	world	world	NOUN
ejge-4278	102	21	.	.	PUNCT
ejge-4278	103	1	the	the	DET
ejge-4278	103	2	onset	onset	NOUN
ejge-4278	103	3	of	of	ADP
ejge-4278	103	4	the	the	DET
ejge-4278	103	5	crisis	crisis	NOUN
ejge-4278	103	6	brought	bring	VERB
ejge-4278	103	7	about	about	ADP
ejge-4278	103	8	substantial	substantial	ADJ
ejge-4278	103	9	changes	change	NOUN
ejge-4278	103	10	.	.	PUNCT
ejge-4278	104	1	aside	aside	ADV
ejge-4278	104	2	from	from	ADP
ejge-4278	104	3	some	some	DET
ejge-4278	104	4	transitory	transitory	ADJ
ejge-4278	104	5	,	,	PUNCT
ejge-4278	104	6	idiosyncratic	idiosyncratic	ADJ
ejge-4278	104	7	responses	response	NOUN
ejge-4278	104	8	that	that	PRON
ejge-4278	104	9	lowered	lower	VERB
ejge-4278	104	10	the	the	DET
ejge-4278	104	11	correlations	correlation	NOUN
ejge-4278	104	12	dated	date	VERB
ejge-4278	104	13	at	at	ADP
ejge-4278	104	14	the	the	DET
ejge-4278	104	15	second	second	ADJ
ejge-4278	104	16	half	half	NOUN
ejge-4278	104	17	of	of	ADP
ejge-4278	104	18	2008	2008	NUM
ejge-4278	104	19	,	,	PUNCT
ejge-4278	104	20	the	the	DET
ejge-4278	104	21	contraction	contraction	NOUN
ejge-4278	104	22	in	in	ADP
ejge-4278	104	23	international	international	ADJ
ejge-4278	104	24	trade	trade	NOUN
ejge-4278	104	25	and	and	CCONJ
ejge-4278	104	26	the	the	DET
ejge-4278	104	27	financial	financial	ADJ
ejge-4278	104	28	contagion	contagion	NOUN
ejge-4278	104	29	caused	cause	VERB
ejge-4278	104	30	international	international	ADJ
ejge-4278	104	31	synchronization	synchronization	NOUN
ejge-4278	104	32	to	to	PART
ejge-4278	104	33	be	be	AUX
ejge-4278	104	34	especially	especially	ADV
ejge-4278	104	35	high	high	ADJ
ejge-4278	104	36	in	in	ADP
ejge-4278	104	37	2009	2009	NUM
ejge-4278	104	38	and	and	CCONJ
ejge-4278	104	39	2010	2010	NUM
ejge-4278	104	40	,	,	PUNCT
ejge-4278	104	41	to	to	ADP
ejge-4278	104	42	the	the	DET
ejge-4278	104	43	extent	extent	NOUN
ejge-4278	104	44	that	that	SCONJ
ejge-4278	104	45	the	the	DET
ejge-4278	104	46	mean	mean	ADJ
ejge-4278	104	47	correlations	correlation	NOUN
ejge-4278	104	48	of	of	ADP
ejge-4278	104	49	the	the	DET
ejge-4278	104	50	euro	euro	PROPN
ejge-4278	104	51	area	area	NOUN
ejge-4278	104	52	with	with	ADP
ejge-4278	104	53	the	the	DET
ejge-4278	104	54	rest	rest	NOUN
ejge-4278	104	55	of	of	ADP
ejge-4278	104	56	the	the	DET
ejge-4278	104	57	european	european	PROPN
ejge-4278	104	58	union	union	PROPN
ejge-4278	104	59	and	and	CCONJ
ejge-4278	104	60	with	with	ADP
ejge-4278	104	61	external	external	ADJ
ejge-4278	104	62	countries	country	NOUN
ejge-4278	104	63	attained	attain	VERB
ejge-4278	104	64	their	their	PRON
ejge-4278	104	65	highest	high	ADJ
ejge-4278	104	66	values	value	NOUN
ejge-4278	104	67	in	in	ADP
ejge-4278	104	68	the	the	DET
ejge-4278	104	69	sample	sample	NOUN
ejge-4278	104	70	period	period	NOUN
ejge-4278	104	71	.	.	PUNCT
ejge-4278	105	1	figure	figure	NOUN
ejge-4278	105	2	1	1	NUM
ejge-4278	105	3	.	.	PUNCT
ejge-4278	106	1	mean	mean	VERB
ejge-4278	106	2	cyclical	cyclical	ADJ
ejge-4278	106	3	correlations	correlation	NOUN
ejge-4278	106	4	with	with	ADP
ejge-4278	106	5	the	the	DET
ejge-4278	106	6	euro	euro	PROPN
ejge-4278	106	7	area	area	NOUN
ejge-4278	106	8	for	for	ADP
ejge-4278	106	9	a	a	DET
ejge-4278	106	10	4	4	NUM
ejge-4278	106	11	-	-	PUNCT
ejge-4278	106	12	year	year	NOUN
ejge-4278	106	13	rolling	rolling	NOUN
ejge-4278	106	14	window	window	NOUN
ejge-4278	106	15	0.0	0.0	NUM
ejge-4278	106	16	0.2	0.2	NUM
ejge-4278	106	17	0.4	0.4	NUM
ejge-4278	106	18	0.6	0.6	NUM
ejge-4278	106	19	0.8	0.8	NUM
ejge-4278	106	20	1.0	1.0	NUM
ejge-4278	106	21	2004	2004	NUM
ejge-4278	106	22	2005	2005	NUM
ejge-4278	106	23	2006	2006	NUM
ejge-4278	106	24	2007	2007	NUM
ejge-4278	106	25	2008	2008	NUM
ejge-4278	106	26	2009	2009	NUM
ejge-4278	106	27	2010	2010	NUM
ejge-4278	106	28	2011	2011	NUM
ejge-4278	106	29	intra	intra	ADJ
ejge-4278	106	30	-	-	ADJ
ejge-4278	106	31	euro	euro	ADJ
ejge-4278	106	32	-	-	PUNCT
ejge-4278	106	33	area	area	NOUN
ejge-4278	106	34	with	with	ADP
ejge-4278	106	35	the	the	DET
ejge-4278	106	36	rest	rest	NOUN
ejge-4278	106	37	of	of	ADP
ejge-4278	106	38	the	the	DET
ejge-4278	106	39	eu	eu	PROPN
ejge-4278	106	40	with	with	ADP
ejge-4278	106	41	third	third	ADJ
ejge-4278	106	42	countries	country	NOUN
ejge-4278	106	43	at	at	ADP
ejge-4278	106	44	the	the	DET
ejge-4278	106	45	same	same	ADJ
ejge-4278	106	46	time	time	NOUN
ejge-4278	106	47	,	,	PUNCT
ejge-4278	106	48	the	the	DET
ejge-4278	106	49	emu	emu	PROPN
ejge-4278	106	50	looked	look	VERB
ejge-4278	106	51	as	as	SCONJ
ejge-4278	106	52	if	if	SCONJ
ejge-4278	106	53	it	it	PRON
ejge-4278	106	54	had	have	AUX
ejge-4278	106	55	entered	enter	VERB
ejge-4278	106	56	into	into	ADP
ejge-4278	106	57	a	a	DET
ejge-4278	106	58	phase	phase	NOUN
ejge-4278	106	59	of	of	ADP
ejge-4278	106	60	cyclical	cyclical	ADJ
ejge-4278	106	61	divergence	divergence	NOUN
ejge-4278	106	62	.	.	PUNCT
ejge-4278	107	1	the	the	DET
ejge-4278	107	2	mean	mean	ADJ
ejge-4278	107	3	correlation	correlation	NOUN
ejge-4278	107	4	within	within	ADP
ejge-4278	107	5	the	the	DET
ejge-4278	107	6	area	area	NOUN
ejge-4278	107	7	fell	fall	VERB
ejge-4278	107	8	and	and	CCONJ
ejge-4278	107	9	became	become	VERB
ejge-4278	107	10	smaller	small	ADJ
ejge-4278	107	11	than	than	ADP
ejge-4278	107	12	the	the	DET
ejge-4278	107	13	correlations	correlation	NOUN
ejge-4278	107	14	of	of	ADP
ejge-4278	107	15	the	the	DET
ejge-4278	107	16	euro	euro	PROPN
ejge-4278	107	17	area	area	NOUN
ejge-4278	107	18	with	with	ADP
ejge-4278	107	19	the	the	DET
ejge-4278	107	20	rest	rest	NOUN
ejge-4278	107	21	of	of	ADP
ejge-4278	107	22	the	the	DET
ejge-4278	107	23	european	european	PROPN
ejge-4278	107	24	union	union	PROPN
ejge-4278	107	25	and	and	CCONJ
ejge-4278	107	26	the	the	DET
ejge-4278	107	27	rest	rest	NOUN
ejge-4278	107	28	of	of	ADP
ejge-4278	107	29	the	the	DET
ejge-4278	107	30	world	world	NOUN
ejge-4278	107	31	.	.	PUNCT
ejge-4278	108	1	to	to	PART
ejge-4278	108	2	confirm	confirm	VERB
ejge-4278	108	3	that	that	SCONJ
ejge-4278	108	4	the	the	DET
ejge-4278	108	5	fall	fall	NOUN
ejge-4278	108	6	in	in	ADP
ejge-4278	108	7	the	the	DET
ejge-4278	108	8	mean	mean	ADJ
ejge-4278	108	9	correlation	correlation	NOUN
ejge-4278	108	10	of	of	ADP
ejge-4278	108	11	the	the	DET
ejge-4278	108	12	euro	euro	PROPN
ejge-4278	108	13	area	area	NOUN
ejge-4278	108	14	is	be	AUX
ejge-4278	108	15	not	not	PART
ejge-4278	108	16	a	a	DET
ejge-4278	108	17	spurious	spurious	ADJ
ejge-4278	108	18	drop	drop	NOUN
ejge-4278	108	19	due	due	ADJ
ejge-4278	108	20	to	to	ADP
ejge-4278	108	21	using	use	VERB
ejge-4278	108	22	a	a	DET
ejge-4278	108	23	window	window	NOUN
ejge-4278	108	24	that	that	PRON
ejge-4278	108	25	is	be	AUX
ejge-4278	108	26	too	too	ADV
ejge-4278	108	27	short	short	ADJ
ejge-4278	108	28	,	,	PUNCT
ejge-4278	108	29	figure	figure	NOUN
ejge-4278	108	30	2	2	NUM
ejge-4278	108	31	plots	plot	NOUN
ejge-4278	108	32	the	the	DET
ejge-4278	108	33	results	result	NOUN
ejge-4278	108	34	for	for	ADP
ejge-4278	108	35	a	a	DET
ejge-4278	108	36	6	6	NUM
ejge-4278	108	37	-	-	PUNCT
ejge-4278	108	38	year	year	NOUN
ejge-4278	108	39	rolling	rolling	NOUN
ejge-4278	108	40	window	window	NOUN
ejge-4278	108	41	.	.	PUNCT
ejge-4278	109	1	despite	despite	SCONJ
ejge-4278	109	2	some	some	DET
ejge-4278	109	3	changes	change	NOUN
ejge-4278	109	4	attributable	attributable	ADJ
ejge-4278	109	5	to	to	ADP
ejge-4278	109	6	the	the	DET
ejge-4278	109	7	different	different	ADJ
ejge-4278	109	8	time	time	NOUN
ejge-4278	109	9	span	span	NOUN
ejge-4278	109	10	,	,	PUNCT
ejge-4278	109	11	the	the	DET
ejge-4278	109	12	figure	figure	NOUN
ejge-4278	109	13	confirms	confirm	VERB
ejge-4278	109	14	that	that	SCONJ
ejge-4278	109	15	the	the	DET
ejge-4278	109	16	mean	mean	ADJ
ejge-4278	109	17	correlation	correlation	NOUN
ejge-4278	109	18	for	for	ADP
ejge-4278	109	19	the	the	DET
ejge-4278	109	20	members	member	NOUN
ejge-4278	109	21	of	of	ADP
ejge-4278	109	22	the	the	DET
ejge-4278	109	23	euro	euro	PROPN
ejge-4278	109	24	area	area	NOUN
ejge-4278	109	25	is	be	AUX
ejge-4278	109	26	falling	fall	VERB
ejge-4278	109	27	since	since	SCONJ
ejge-4278	109	28	2008	2008	NUM
ejge-4278	109	29	,	,	PUNCT
ejge-4278	109	30	and	and	CCONJ
ejge-4278	109	31	that	that	SCONJ
ejge-4278	109	32	in	in	ADP
ejge-4278	109	33	the	the	DET
ejge-4278	109	34	final	final	ADJ
ejge-4278	109	35	part	part	NOUN
ejge-4278	109	36	of	of	ADP
ejge-4278	109	37	the	the	DET
ejge-4278	109	38	sample	sample	NOUN
ejge-4278	109	39	it	it	PRON
ejge-4278	109	40	is	be	AUX
ejge-4278	109	41	below	below	ADP
ejge-4278	109	42	the	the	DET
ejge-4278	109	43	two	two	NUM
ejge-4278	109	44	other	other	ADJ
ejge-4278	109	45	lines	line	NOUN
ejge-4278	109	46	.	.	PUNCT
ejge-4278	110	1	european	european	ADJ
ejge-4278	110	2	journal	journal	PROPN
ejge-4278	110	3	of	of	ADP
ejge-4278	110	4	government	government	NOUN
ejge-4278	110	5	and	and	CCONJ
ejge-4278	110	6	economics	economic	NOUN
ejge-4278	110	7	1(1	1(1	NUM
ejge-4278	110	8	)	)	PUNCT
ejge-4278	110	9	92	92	NUM
ejge-4278	110	10	figure	figure	NOUN
ejge-4278	110	11	2	2	NUM
ejge-4278	110	12	.	.	PUNCT
ejge-4278	111	1	mean	mean	VERB
ejge-4278	111	2	cyclical	cyclical	ADJ
ejge-4278	111	3	correlations	correlation	NOUN
ejge-4278	111	4	with	with	ADP
ejge-4278	111	5	the	the	DET
ejge-4278	111	6	euro	euro	PROPN
ejge-4278	111	7	area	area	NOUN
ejge-4278	111	8	for	for	ADP
ejge-4278	111	9	a	a	DET
ejge-4278	111	10	6	6	NUM
ejge-4278	111	11	-	-	PUNCT
ejge-4278	111	12	year	year	NOUN
ejge-4278	111	13	rolling	rolling	NOUN
ejge-4278	111	14	window	window	NOUN
ejge-4278	111	15	0.0	0.0	NUM
ejge-4278	111	16	0.2	0.2	NUM
ejge-4278	111	17	0.4	0.4	NUM
ejge-4278	111	18	0.6	0.6	NUM
ejge-4278	111	19	0.8	0.8	NUM
ejge-4278	111	20	1.0	1.0	NUM
ejge-4278	111	21	2006	2006	NUM
ejge-4278	111	22	2007	2007	NUM
ejge-4278	111	23	2008	2008	NUM
ejge-4278	111	24	2009	2009	NUM
ejge-4278	111	25	2010	2010	NUM
ejge-4278	111	26	2011	2011	NUM
ejge-4278	111	27	intra	intra	ADJ
ejge-4278	111	28	-	-	ADJ
ejge-4278	111	29	euro	euro	ADJ
ejge-4278	111	30	-	-	PUNCT
ejge-4278	111	31	area	area	NOUN
ejge-4278	111	32	with	with	ADP
ejge-4278	111	33	the	the	DET
ejge-4278	111	34	rest	rest	NOUN
ejge-4278	111	35	of	of	ADP
ejge-4278	111	36	the	the	DET
ejge-4278	111	37	eu	eu	PROPN
ejge-4278	111	38	with	with	ADP
ejge-4278	111	39	third	third	ADJ
ejge-4278	111	40	countries	country	NOUN
ejge-4278	111	41	figure	figure	VERB
ejge-4278	111	42	3	3	NUM
ejge-4278	111	43	corroborates	corroborate	VERB
ejge-4278	111	44	the	the	DET
ejge-4278	111	45	apparent	apparent	ADJ
ejge-4278	111	46	euro	euro	NOUN
ejge-4278	111	47	area	area	NOUN
ejge-4278	111	48	divergence	divergence	NOUN
ejge-4278	111	49	.	.	PUNCT
ejge-4278	112	1	at	at	ADP
ejge-4278	112	2	each	each	DET
ejge-4278	112	3	t	t	NOUN
ejge-4278	112	4	it	it	PRON
ejge-4278	112	5	depicts	depict	VERB
ejge-4278	112	6	the	the	DET
ejge-4278	112	7	standard	standard	ADJ
ejge-4278	112	8	deviation	deviation	NOUN
ejge-4278	112	9	of	of	ADP
ejge-4278	112	10	the	the	DET
ejge-4278	112	11	eleven	eleven	NUM
ejge-4278	112	12	bivariate	bivariate	ADJ
ejge-4278	112	13	correlations	correlation	NOUN
ejge-4278	112	14	between	between	ADP
ejge-4278	112	15	the	the	DET
ejge-4278	112	16	cycle	cycle	NOUN
ejge-4278	112	17	of	of	ADP
ejge-4278	112	18	each	each	DET
ejge-4278	112	19	member	member	NOUN
ejge-4278	112	20	state	state	NOUN
ejge-4278	112	21	and	and	CCONJ
ejge-4278	112	22	the	the	DET
ejge-4278	112	23	emu	emu	PROPN
ejge-4278	112	24	cycle	cycle	NOUN
ejge-4278	112	25	.	.	PUNCT
ejge-4278	113	1	an	an	DET
ejge-4278	113	2	increase	increase	NOUN
ejge-4278	113	3	of	of	ADP
ejge-4278	113	4	the	the	DET
ejge-4278	113	5	spread	spread	NOUN
ejge-4278	113	6	of	of	ADP
ejge-4278	113	7	the	the	DET
ejge-4278	113	8	correlations	correlation	NOUN
ejge-4278	113	9	is	be	AUX
ejge-4278	113	10	a	a	DET
ejge-4278	113	11	sign	sign	NOUN
ejge-4278	113	12	of	of	ADP
ejge-4278	113	13	divergence	divergence	NOUN
ejge-4278	113	14	(	(	PUNCT
ejge-4278	113	15	gayer	gayer	X
ejge-4278	113	16	,	,	PUNCT
ejge-4278	113	17	2007	2007	NUM
ejge-4278	113	18	)	)	PUNCT
ejge-4278	113	19	,	,	PUNCT
ejge-4278	113	20	and	and	CCONJ
ejge-4278	113	21	it	it	PRON
ejge-4278	113	22	can	can	AUX
ejge-4278	113	23	be	be	AUX
ejge-4278	113	24	seen	see	VERB
ejge-4278	113	25	that	that	SCONJ
ejge-4278	113	26	the	the	DET
ejge-4278	113	27	dispersion	dispersion	NOUN
ejge-4278	113	28	has	have	AUX
ejge-4278	113	29	been	be	AUX
ejge-4278	113	30	increasing	increase	VERB
ejge-4278	113	31	since	since	SCONJ
ejge-4278	113	32	2009	2009	NUM
ejge-4278	113	33	.	.	PUNCT
ejge-4278	114	1	figure	figure	NOUN
ejge-4278	114	2	3	3	NUM
ejge-4278	114	3	.	.	PUNCT
ejge-4278	114	4	standard	standard	ADJ
ejge-4278	114	5	deviation	deviation	NOUN
ejge-4278	114	6	of	of	ADP
ejge-4278	114	7	the	the	DET
ejge-4278	114	8	bivariate	bivariate	ADJ
ejge-4278	114	9	correlations	correlation	NOUN
ejge-4278	114	10	of	of	ADP
ejge-4278	114	11	the	the	DET
ejge-4278	114	12	cycles	cycle	NOUN
ejge-4278	114	13	of	of	ADP
ejge-4278	114	14	the	the	DET
ejge-4278	114	15	member	member	NOUN
ejge-4278	114	16	states	state	NOUN
ejge-4278	114	17	with	with	ADP
ejge-4278	114	18	the	the	DET
ejge-4278	114	19	euro	euro	PROPN
ejge-4278	114	20	area	area	NOUN
ejge-4278	114	21	cycle	cycle	NOUN
ejge-4278	114	22	,	,	PUNCT
ejge-4278	114	23	for	for	ADP
ejge-4278	114	24	a	a	DET
ejge-4278	114	25	4	4	NUM
ejge-4278	114	26	-	-	PUNCT
ejge-4278	114	27	year	year	NOUN
ejge-4278	114	28	rolling	rolling	NOUN
ejge-4278	114	29	window	window	NOUN
ejge-4278	114	30	0.00	0.00	NUM
ejge-4278	114	31	0.05	0.05	NUM
ejge-4278	114	32	0.10	0.10	NUM
ejge-4278	114	33	0.15	0.15	NUM
ejge-4278	114	34	0.20	0.20	NUM
ejge-4278	114	35	0.25	0.25	NUM
ejge-4278	114	36	0.30	0.30	NUM
ejge-4278	114	37	0.35	0.35	NUM
ejge-4278	114	38	0.40	0.40	NUM
ejge-4278	114	39	2004	2004	NUM
ejge-4278	114	40	2005	2005	NUM
ejge-4278	114	41	2006	2006	NUM
ejge-4278	114	42	2007	2007	NUM
ejge-4278	114	43	2008	2008	NUM
ejge-4278	114	44	2009	2009	NUM
ejge-4278	114	45	2010	2010	NUM
ejge-4278	114	46	2011	2011	NUM
ejge-4278	114	47	actually	actually	ADV
ejge-4278	114	48	,	,	PUNCT
ejge-4278	114	49	the	the	DET
ejge-4278	114	50	features	feature	NOUN
ejge-4278	114	51	sketched	sketch	VERB
ejge-4278	114	52	in	in	ADP
ejge-4278	114	53	figure	figure	NOUN
ejge-4278	114	54	1	1	NUM
ejge-4278	114	55	are	be	AUX
ejge-4278	114	56	surprising	surprising	ADJ
ejge-4278	114	57	.	.	PUNCT
ejge-4278	115	1	first	first	ADV
ejge-4278	115	2	,	,	PUNCT
ejge-4278	115	3	because	because	SCONJ
ejge-4278	115	4	the	the	DET
ejge-4278	115	5	european	european	ADJ
ejge-4278	115	6	and	and	CCONJ
ejge-4278	115	7	international	international	ADJ
ejge-4278	115	8	upsurges	upsurge	NOUN
ejge-4278	115	9	in	in	ADP
ejge-4278	115	10	synchronization	synchronization	NOUN
ejge-4278	115	11	suggest	suggest	VERB
ejge-4278	115	12	that	that	SCONJ
ejge-4278	115	13	the	the	DET
ejge-4278	115	14	current	current	ADJ
ejge-4278	115	15	crisis	crisis	NOUN
ejge-4278	115	16	is	be	AUX
ejge-4278	115	17	driven	drive	VERB
ejge-4278	115	18	by	by	ADP
ejge-4278	115	19	common	common	ADJ
ejge-4278	115	20	shocks	shock	NOUN
ejge-4278	115	21	that	that	PRON
ejge-4278	115	22	propagate	propagate	VERB
ejge-4278	115	23	worldwide	worldwide	ADV
ejge-4278	115	24	through	through	ADP
ejge-4278	115	25	symmetric	symmetric	ADJ
ejge-4278	115	26	transmission	transmission	NOUN
ejge-4278	115	27	channels	channel	NOUN
ejge-4278	115	28	,	,	PUNCT
ejge-4278	115	29	and	and	CCONJ
ejge-4278	115	30	the	the	DET
ejge-4278	115	31	intra	intra	ADJ
ejge-4278	115	32	-	-	ADJ
ejge-4278	115	33	euro	euro	ADJ
ejge-4278	115	34	-	-	PUNCT
ejge-4278	115	35	area	area	NOUN
ejge-4278	115	36	increasing	increase	VERB
ejge-4278	115	37	divergence	divergence	NOUN
ejge-4278	115	38	does	do	AUX
ejge-4278	115	39	not	not	PART
ejge-4278	115	40	match	match	VERB
ejge-4278	115	41	in	in	ADP
ejge-4278	115	42	this	this	DET
ejge-4278	115	43	context	context	NOUN
ejge-4278	115	44	.	.	PUNCT
ejge-4278	116	1	second	second	ADJ
ejge-4278	116	2	,	,	PUNCT
ejge-4278	116	3	because	because	SCONJ
ejge-4278	116	4	figure	figure	NOUN
ejge-4278	116	5	1	1	NUM
ejge-4278	116	6	indicates	indicate	VERB
ejge-4278	116	7	that	that	SCONJ
ejge-4278	116	8	cyclical	cyclical	ADJ
ejge-4278	116	9	synchronization	synchronization	NOUN
ejge-4278	116	10	is	be	AUX
ejge-4278	116	11	higher	high	ADJ
ejge-4278	116	12	between	between	ADP
ejge-4278	116	13	the	the	DET
ejge-4278	116	14	emu	emu	PROPN
ejge-4278	116	15	as	as	ADP
ejge-4278	116	16	a	a	DET
ejge-4278	116	17	whole	whole	ADJ
ejge-4278	116	18	and	and	CCONJ
ejge-4278	116	19	other	other	ADJ
ejge-4278	116	20	currency	currency	NOUN
ejge-4278	116	21	areas	area	NOUN
ejge-4278	116	22	european	european	PROPN
ejge-4278	116	23	journal	journal	PROPN
ejge-4278	116	24	of	of	ADP
ejge-4278	116	25	government	government	NOUN
ejge-4278	116	26	and	and	CCONJ
ejge-4278	116	27	economics	economic	NOUN
ejge-4278	116	28	1(1	1(1	NUM
ejge-4278	116	29	)	)	PUNCT
ejge-4278	116	30	93	93	NUM
ejge-4278	116	31	than	than	ADP
ejge-4278	116	32	inside	inside	ADP
ejge-4278	116	33	the	the	DET
ejge-4278	116	34	euro	euro	PROPN
ejge-4278	116	35	area	area	NOUN
ejge-4278	116	36	,	,	PUNCT
ejge-4278	116	37	an	an	DET
ejge-4278	116	38	empirical	empirical	ADJ
ejge-4278	116	39	finding	finding	NOUN
ejge-4278	116	40	that	that	PRON
ejge-4278	116	41	is	be	AUX
ejge-4278	116	42	in	in	ADP
ejge-4278	116	43	opposition	opposition	NOUN
ejge-4278	116	44	to	to	ADP
ejge-4278	116	45	the	the	DET
ejge-4278	116	46	primary	primary	ADJ
ejge-4278	116	47	theoretical	theoretical	ADJ
ejge-4278	116	48	foundations	foundation	NOUN
ejge-4278	116	49	of	of	ADP
ejge-4278	116	50	monetary	monetary	ADJ
ejge-4278	116	51	unions	union	NOUN
ejge-4278	116	52	.	.	PUNCT
ejge-4278	117	1	a	a	DET
ejge-4278	117	2	likely	likely	ADJ
ejge-4278	117	3	explanation	explanation	NOUN
ejge-4278	117	4	to	to	PART
ejge-4278	117	5	bring	bring	VERB
ejge-4278	117	6	together	together	ADV
ejge-4278	117	7	the	the	DET
ejge-4278	117	8	opposed	opposed	ADJ
ejge-4278	117	9	evolutions	evolution	NOUN
ejge-4278	117	10	of	of	ADP
ejge-4278	117	11	the	the	DET
ejge-4278	117	12	correlation	correlation	NOUN
ejge-4278	117	13	coefficients	coefficient	NOUN
ejge-4278	117	14	in	in	ADP
ejge-4278	117	15	figure	figure	NOUN
ejge-4278	117	16	1	1	NUM
ejge-4278	117	17	is	be	AUX
ejge-4278	117	18	that	that	SCONJ
ejge-4278	117	19	the	the	DET
ejge-4278	117	20	decline	decline	NOUN
ejge-4278	117	21	within	within	ADP
ejge-4278	117	22	the	the	DET
ejge-4278	117	23	euro	euro	NOUN
ejge-4278	117	24	area	area	NOUN
ejge-4278	117	25	is	be	AUX
ejge-4278	117	26	not	not	PART
ejge-4278	117	27	a	a	DET
ejge-4278	117	28	general	general	ADJ
ejge-4278	117	29	feature	feature	NOUN
ejge-4278	117	30	of	of	ADP
ejge-4278	117	31	the	the	DET
ejge-4278	117	32	emu	emu	PROPN
ejge-4278	117	33	as	as	ADP
ejge-4278	117	34	a	a	DET
ejge-4278	117	35	whole	whole	NOUN
ejge-4278	117	36	,	,	PUNCT
ejge-4278	117	37	but	but	CCONJ
ejge-4278	117	38	a	a	DET
ejge-4278	117	39	particular	particular	ADJ
ejge-4278	117	40	trait	trait	NOUN
ejge-4278	117	41	of	of	ADP
ejge-4278	117	42	a	a	DET
ejge-4278	117	43	small	small	ADJ
ejge-4278	117	44	group	group	NOUN
ejge-4278	117	45	of	of	ADP
ejge-4278	117	46	member	member	NOUN
ejge-4278	117	47	states	state	NOUN
ejge-4278	117	48	.	.	PUNCT
ejge-4278	118	1	if	if	SCONJ
ejge-4278	118	2	this	this	PRON
ejge-4278	118	3	is	be	AUX
ejge-4278	118	4	the	the	DET
ejge-4278	118	5	case	case	NOUN
ejge-4278	118	6	,	,	PUNCT
ejge-4278	118	7	one	one	PRON
ejge-4278	118	8	would	would	AUX
ejge-4278	118	9	find	find	VERB
ejge-4278	118	10	large	large	ADJ
ejge-4278	118	11	,	,	PUNCT
ejge-4278	118	12	stable	stable	ADJ
ejge-4278	118	13	correlations	correlation	NOUN
ejge-4278	118	14	with	with	ADP
ejge-4278	118	15	the	the	DET
ejge-4278	118	16	euro	euro	PROPN
ejge-4278	118	17	area	area	NOUN
ejge-4278	118	18	aggregate	aggregate	VERB
ejge-4278	118	19	for	for	ADP
ejge-4278	118	20	most	most	ADJ
ejge-4278	118	21	members	member	NOUN
ejge-4278	118	22	,	,	PUNCT
ejge-4278	118	23	together	together	ADV
ejge-4278	118	24	will	will	AUX
ejge-4278	118	25	a	a	DET
ejge-4278	118	26	few	few	ADJ
ejge-4278	118	27	countries	country	NOUN
ejge-4278	118	28	that	that	PRON
ejge-4278	118	29	are	be	AUX
ejge-4278	118	30	decoupling	decouple	VERB
ejge-4278	118	31	quite	quite	ADV
ejge-4278	118	32	abruptly	abruptly	ADV
ejge-4278	118	33	from	from	ADP
ejge-4278	118	34	the	the	DET
ejge-4278	118	35	euro	euro	PROPN
ejge-4278	118	36	area	area	NOUN
ejge-4278	118	37	cycle	cycle	NOUN
ejge-4278	118	38	.	.	PUNCT
ejge-4278	119	1	figure	figure	VERB
ejge-4278	119	2	4	4	NUM
ejge-4278	119	3	depicts	depict	VERB
ejge-4278	119	4	the	the	DET
ejge-4278	119	5	sequence	sequence	NOUN
ejge-4278	119	6	of	of	ADP
ejge-4278	119	7	rolling	rolling	ADJ
ejge-4278	119	8	correlations	correlation	NOUN
ejge-4278	119	9	of	of	ADP
ejge-4278	119	10	the	the	DET
ejge-4278	119	11	cycle	cycle	NOUN
ejge-4278	119	12	of	of	ADP
ejge-4278	119	13	each	each	DET
ejge-4278	119	14	member	member	NOUN
ejge-4278	119	15	state	state	NOUN
ejge-4278	119	16	with	with	ADP
ejge-4278	119	17	the	the	DET
ejge-4278	119	18	euro	euro	PROPN
ejge-4278	119	19	area	area	NOUN
ejge-4278	119	20	aggregate	aggregate	ADJ
ejge-4278	119	21	from	from	ADP
ejge-4278	119	22	2004:1	2004:1	NUM
ejge-4278	119	23	to	to	ADP
ejge-4278	119	24	2011:4	2011:4	NUM
ejge-4278	119	25	.	.	PUNCT
ejge-4278	120	1	figure	figure	VERB
ejge-4278	120	2	5	5	NUM
ejge-4278	120	3	highlights	highlight	NOUN
ejge-4278	120	4	the	the	DET
ejge-4278	120	5	changes	change	NOUN
ejge-4278	120	6	in	in	ADP
ejge-4278	120	7	the	the	DET
ejge-4278	120	8	correlations	correlation	NOUN
ejge-4278	120	9	through	through	ADP
ejge-4278	120	10	the	the	DET
ejge-4278	120	11	crisis	crisis	NOUN
ejge-4278	120	12	.	.	PUNCT
ejge-4278	121	1	for	for	ADP
ejge-4278	121	2	each	each	DET
ejge-4278	121	3	country	country	NOUN
ejge-4278	121	4	,	,	PUNCT
ejge-4278	121	5	it	it	PRON
ejge-4278	121	6	concentrates	concentrate	VERB
ejge-4278	121	7	on	on	ADP
ejge-4278	121	8	the	the	DET
ejge-4278	121	9	correlations	correlation	NOUN
ejge-4278	121	10	with	with	ADP
ejge-4278	121	11	the	the	DET
ejge-4278	121	12	emu	emu	PROPN
ejge-4278	121	13	dated	date	VERB
ejge-4278	121	14	at	at	ADP
ejge-4278	121	15	2007:3	2007:3	NUM
ejge-4278	121	16	and	and	CCONJ
ejge-4278	121	17	2011:4	2011:4	NUM
ejge-4278	121	18	;	;	PUNCT
ejge-4278	121	19	the	the	DET
ejge-4278	121	20	first	first	ADJ
ejge-4278	121	21	set	set	NOUN
ejge-4278	121	22	was	be	AUX
ejge-4278	121	23	computed	compute	VERB
ejge-4278	121	24	with	with	ADP
ejge-4278	121	25	data	datum	NOUN
ejge-4278	121	26	for	for	ADP
ejge-4278	121	27	the	the	DET
ejge-4278	121	28	period	period	NOUN
ejge-4278	121	29	2004:4	2004:4	NUM
ejge-4278	121	30	to	to	ADP
ejge-4278	121	31	2007:3	2007:3	NUM
ejge-4278	121	32	,	,	PUNCT
ejge-4278	121	33	while	while	SCONJ
ejge-4278	121	34	the	the	DET
ejge-4278	121	35	second	second	ADJ
ejge-4278	121	36	set	set	NOUN
ejge-4278	121	37	merges	merge	VERB
ejge-4278	121	38	the	the	DET
ejge-4278	121	39	observations	observation	NOUN
ejge-4278	121	40	from	from	ADP
ejge-4278	121	41	2008:1	2008:1	NUM
ejge-4278	121	42	to	to	ADP
ejge-4278	121	43	2011:4	2011:4	NUM
ejge-4278	121	44	.	.	PUNCT
ejge-4278	122	1	to	to	PART
ejge-4278	122	2	complete	complete	VERB
ejge-4278	122	3	the	the	DET
ejge-4278	122	4	picture	picture	NOUN
ejge-4278	122	5	,	,	PUNCT
ejge-4278	122	6	it	it	PRON
ejge-4278	122	7	includes	include	VERB
ejge-4278	122	8	the	the	DET
ejge-4278	122	9	six	six	NUM
ejge-4278	122	10	countries	country	NOUN
ejge-4278	122	11	in	in	ADP
ejge-4278	122	12	the	the	DET
ejge-4278	122	13	sample	sample	NOUN
ejge-4278	122	14	that	that	PRON
ejge-4278	122	15	do	do	AUX
ejge-4278	122	16	not	not	PART
ejge-4278	122	17	belong	belong	VERB
ejge-4278	122	18	to	to	ADP
ejge-4278	122	19	the	the	DET
ejge-4278	122	20	emu	emu	PROPN
ejge-4278	122	21	,	,	PUNCT
ejge-4278	122	22	to	to	PART
ejge-4278	122	23	give	give	VERB
ejge-4278	122	24	an	an	DET
ejge-4278	122	25	account	account	NOUN
ejge-4278	122	26	of	of	ADP
ejge-4278	122	27	the	the	DET
ejge-4278	122	28	change	change	NOUN
ejge-4278	122	29	in	in	ADP
ejge-4278	122	30	the	the	DET
ejge-4278	122	31	correlations	correlation	NOUN
ejge-4278	122	32	of	of	ADP
ejge-4278	122	33	the	the	DET
ejge-4278	122	34	euro	euro	PROPN
ejge-4278	122	35	area	area	NOUN
ejge-4278	122	36	with	with	ADP
ejge-4278	122	37	the	the	DET
ejge-4278	122	38	rest	rest	NOUN
ejge-4278	122	39	of	of	ADP
ejge-4278	122	40	the	the	DET
ejge-4278	122	41	european	european	PROPN
ejge-4278	122	42	union	union	PROPN
ejge-4278	122	43	and	and	CCONJ
ejge-4278	122	44	the	the	DET
ejge-4278	122	45	rest	rest	NOUN
ejge-4278	122	46	of	of	ADP
ejge-4278	122	47	the	the	DET
ejge-4278	122	48	world	world	NOUN
ejge-4278	122	49	.	.	PUNCT
ejge-4278	123	1	figures	figure	NOUN
ejge-4278	123	2	4	4	NUM
ejge-4278	123	3	and	and	CCONJ
ejge-4278	123	4	5	5	NUM
ejge-4278	123	5	confirm	confirm	VERB
ejge-4278	123	6	the	the	DET
ejge-4278	123	7	existence	existence	NOUN
ejge-4278	123	8	of	of	ADP
ejge-4278	123	9	different	different	ADJ
ejge-4278	123	10	cyclical	cyclical	ADJ
ejge-4278	123	11	patterns	pattern	NOUN
ejge-4278	123	12	amongst	amongst	ADP
ejge-4278	123	13	the	the	DET
ejge-4278	123	14	emu	emu	PROPN
ejge-4278	123	15	members	member	NOUN
ejge-4278	123	16	.	.	PUNCT
ejge-4278	124	1	the	the	DET
ejge-4278	124	2	correlations	correlation	NOUN
ejge-4278	124	3	for	for	ADP
ejge-4278	124	4	belgium	belgium	NOUN
ejge-4278	124	5	,	,	PUNCT
ejge-4278	124	6	germany	germany	PROPN
ejge-4278	124	7	,	,	PUNCT
ejge-4278	124	8	france	france	PROPN
ejge-4278	124	9	,	,	PUNCT
ejge-4278	124	10	italy	italy	PROPN
ejge-4278	124	11	,	,	PUNCT
ejge-4278	124	12	the	the	DET
ejge-4278	124	13	netherlands	netherlands	PROPN
ejge-4278	124	14	,	,	PUNCT
ejge-4278	124	15	austria	austria	PROPN
ejge-4278	124	16	and	and	CCONJ
ejge-4278	124	17	finland	finland	PROPN
ejge-4278	124	18	are	be	AUX
ejge-4278	124	19	high	high	ADJ
ejge-4278	124	20	and	and	CCONJ
ejge-4278	124	21	do	do	AUX
ejge-4278	124	22	not	not	PART
ejge-4278	124	23	exhibit	exhibit	VERB
ejge-4278	124	24	any	any	DET
ejge-4278	124	25	trend	trend	NOUN
ejge-4278	124	26	.	.	PUNCT
ejge-4278	125	1	these	these	DET
ejge-4278	125	2	countries	country	NOUN
ejge-4278	125	3	were	be	AUX
ejge-4278	125	4	closely	closely	ADV
ejge-4278	125	5	aligned	align	VERB
ejge-4278	125	6	in	in	ADP
ejge-4278	125	7	2007	2007	NUM
ejge-4278	125	8	and	and	CCONJ
ejge-4278	125	9	,	,	PUNCT
ejge-4278	125	10	except	except	SCONJ
ejge-4278	125	11	for	for	ADP
ejge-4278	125	12	some	some	DET
ejge-4278	125	13	minor	minor	ADJ
ejge-4278	125	14	,	,	PUNCT
ejge-4278	125	15	transitory	transitory	ADJ
ejge-4278	125	16	decoupling	decoupling	NOUN
ejge-4278	125	17	in	in	ADP
ejge-4278	125	18	2008	2008	NUM
ejge-4278	125	19	,	,	PUNCT
ejge-4278	125	20	have	have	AUX
ejge-4278	125	21	remained	remain	VERB
ejge-4278	125	22	approximately	approximately	ADV
ejge-4278	125	23	in	in	ADP
ejge-4278	125	24	the	the	DET
ejge-4278	125	25	same	same	ADJ
ejge-4278	125	26	situation	situation	NOUN
ejge-4278	125	27	all	all	ADV
ejge-4278	125	28	through	through	ADP
ejge-4278	125	29	the	the	DET
ejge-4278	125	30	crisis	crisis	NOUN
ejge-4278	125	31	.	.	PUNCT
ejge-4278	126	1	the	the	DET
ejge-4278	126	2	other	other	ADJ
ejge-4278	126	3	four	four	NUM
ejge-4278	126	4	member	member	NOUN
ejge-4278	126	5	states	state	NOUN
ejge-4278	126	6	exhibit	exhibit	VERB
ejge-4278	126	7	remarkable	remarkable	ADJ
ejge-4278	126	8	changes	change	NOUN
ejge-4278	126	9	.	.	PUNCT
ejge-4278	127	1	spain	spain	PROPN
ejge-4278	127	2	and	and	CCONJ
ejge-4278	127	3	portugal	portugal	PROPN
ejge-4278	127	4	entered	enter	VERB
ejge-4278	127	5	into	into	ADP
ejge-4278	127	6	a	a	DET
ejge-4278	127	7	phase	phase	NOUN
ejge-4278	127	8	of	of	ADP
ejge-4278	127	9	growing	grow	VERB
ejge-4278	127	10	desynchronization	desynchronization	NOUN
ejge-4278	127	11	,	,	PUNCT
ejge-4278	127	12	to	to	ADP
ejge-4278	127	13	the	the	DET
ejge-4278	127	14	extent	extent	NOUN
ejge-4278	127	15	that	that	SCONJ
ejge-4278	127	16	in	in	ADP
ejge-4278	127	17	2011:4	2011:4	NUM
ejge-4278	127	18	the	the	DET
ejge-4278	127	19	six	six	NUM
ejge-4278	127	20	correlations	correlation	NOUN
ejge-4278	127	21	of	of	ADP
ejge-4278	127	22	the	the	DET
ejge-4278	127	23	non	non	ADJ
ejge-4278	127	24	-	-	ADJ
ejge-4278	127	25	member	member	ADJ
ejge-4278	127	26	countries	country	NOUN
ejge-4278	127	27	with	with	ADP
ejge-4278	127	28	the	the	DET
ejge-4278	127	29	euro	euro	PROPN
ejge-4278	127	30	area	area	NOUN
ejge-4278	127	31	were	be	AUX
ejge-4278	127	32	higher	high	ADJ
ejge-4278	127	33	than	than	ADP
ejge-4278	127	34	the	the	DET
ejge-4278	127	35	portuguese	portuguese	NOUN
ejge-4278	127	36	,	,	PUNCT
ejge-4278	127	37	and	and	CCONJ
ejge-4278	127	38	four	four	NUM
ejge-4278	127	39	were	be	AUX
ejge-4278	127	40	higher	high	ADJ
ejge-4278	127	41	than	than	ADP
ejge-4278	127	42	the	the	DET
ejge-4278	127	43	spanish	spanish	PROPN
ejge-4278	127	44	.	.	PUNCT
ejge-4278	128	1	greece	greece	PROPN
ejge-4278	128	2	has	have	AUX
ejge-4278	128	3	totally	totally	ADV
ejge-4278	128	4	decoupled	decouple	VERB
ejge-4278	128	5	from	from	ADP
ejge-4278	128	6	the	the	DET
ejge-4278	128	7	euro	euro	PROPN
ejge-4278	128	8	area	area	NOUN
ejge-4278	128	9	.	.	PUNCT
ejge-4278	129	1	ireland	ireland	PROPN
ejge-4278	129	2	evolved	evolve	VERB
ejge-4278	129	3	in	in	ADP
ejge-4278	129	4	the	the	DET
ejge-4278	129	5	opposite	opposite	ADJ
ejge-4278	129	6	direction	direction	NOUN
ejge-4278	129	7	,	,	PUNCT
ejge-4278	129	8	as	as	SCONJ
ejge-4278	129	9	its	its	PRON
ejge-4278	129	10	correlation	correlation	NOUN
ejge-4278	129	11	picked	pick	VERB
ejge-4278	129	12	up	up	ADP
ejge-4278	129	13	and	and	CCONJ
ejge-4278	129	14	has	have	AUX
ejge-4278	129	15	been	be	AUX
ejge-4278	129	16	growing	grow	VERB
ejge-4278	129	17	steadily	steadily	ADV
ejge-4278	129	18	since	since	SCONJ
ejge-4278	129	19	2009	2009	NUM
ejge-4278	129	20	.	.	PUNCT
ejge-4278	130	1	european	european	PROPN
ejge-4278	130	2	journal	journal	PROPN
ejge-4278	130	3	of	of	ADP
ejge-4278	130	4	government	government	NOUN
ejge-4278	130	5	and	and	CCONJ
ejge-4278	130	6	economics	economic	NOUN
ejge-4278	130	7	1(1	1(1	NUM
ejge-4278	130	8	)	)	PUNCT
ejge-4278	130	9	94	94	NUM
ejge-4278	130	10	figure	figure	NOUN
ejge-4278	130	11	4	4	NUM
ejge-4278	130	12	.	.	PUNCT
ejge-4278	130	13	bivariate	bivariate	ADJ
ejge-4278	130	14	cyclical	cyclical	ADJ
ejge-4278	130	15	correlations	correlation	NOUN
ejge-4278	130	16	between	between	ADP
ejge-4278	130	17	the	the	DET
ejge-4278	130	18	member	member	NOUN
ejge-4278	130	19	states	state	NOUN
ejge-4278	130	20	and	and	CCONJ
ejge-4278	130	21	the	the	DET
ejge-4278	130	22	emu	emu	PROPN
ejge-4278	130	23	,	,	PUNCT
ejge-4278	130	24	for	for	ADP
ejge-4278	130	25	a	a	DET
ejge-4278	130	26	4	4	NUM
ejge-4278	130	27	-	-	PUNCT
ejge-4278	130	28	year	year	NOUN
ejge-4278	130	29	rolling	rolling	NOUN
ejge-4278	130	30	window	window	NOUN
ejge-4278	130	31	:	:	PUNCT
ejge-4278	130	32	whole	whole	ADJ
ejge-4278	130	33	sequence	sequence	NOUN
ejge-4278	130	34	from	from	ADP
ejge-4278	130	35	the	the	DET
ejge-4278	130	36	working	work	VERB
ejge-4278	130	37	sample	sample	PROPN
ejge-4278	130	38	belgium	belgium	PROPN
ejge-4278	130	39	0.0	0.0	NUM
ejge-4278	130	40	0.2	0.2	NUM
ejge-4278	130	41	0.4	0.4	NUM
ejge-4278	130	42	0.6	0.6	NUM
ejge-4278	130	43	0.8	0.8	NUM
ejge-4278	130	44	1.0	1.0	NUM
ejge-4278	130	45	2004	2004	NUM
ejge-4278	130	46	2005	2005	NUM
ejge-4278	130	47	2006	2006	NUM
ejge-4278	130	48	2007	2007	NUM
ejge-4278	130	49	2008	2008	NUM
ejge-4278	130	50	2009	2009	NUM
ejge-4278	130	51	2010	2010	NUM
ejge-4278	130	52	2011	2011	NUM
ejge-4278	130	53	germany	germany	PROPN
ejge-4278	130	54	0.0	0.0	NUM
ejge-4278	130	55	0.2	0.2	NUM
ejge-4278	130	56	0.4	0.4	NUM
ejge-4278	130	57	0.6	0.6	NUM
ejge-4278	130	58	0.8	0.8	NUM
ejge-4278	130	59	1.0	1.0	NUM
ejge-4278	130	60	2004	2004	NUM
ejge-4278	130	61	2005	2005	NUM
ejge-4278	130	62	2006	2006	NUM
ejge-4278	130	63	2007	2007	NUM
ejge-4278	130	64	2008	2008	NUM
ejge-4278	130	65	2009	2009	NUM
ejge-4278	130	66	2010	2010	NUM
ejge-4278	130	67	2011	2011	NUM
ejge-4278	130	68	greece	greece	PROPN
ejge-4278	130	69	-0.4	-0.4	PROPN
ejge-4278	130	70	-0.2	-0.2	PROPN
ejge-4278	130	71	0.0	0.0	NUM
ejge-4278	130	72	0.2	0.2	NUM
ejge-4278	130	73	0.4	0.4	NUM
ejge-4278	130	74	0.6	0.6	NUM
ejge-4278	130	75	0.8	0.8	NUM
ejge-4278	130	76	1.0	1.0	NUM
ejge-4278	130	77	2004	2004	NUM
ejge-4278	130	78	2005	2005	NUM
ejge-4278	130	79	2006	2006	NUM
ejge-4278	130	80	2007	2007	NUM
ejge-4278	130	81	2008	2008	NUM
ejge-4278	130	82	2009	2009	NUM
ejge-4278	130	83	2010	2010	NUM
ejge-4278	130	84	2011	2011	NUM
ejge-4278	130	85	ireland	ireland	NOUN
ejge-4278	130	86	0.0	0.0	NUM
ejge-4278	130	87	0.2	0.2	NUM
ejge-4278	130	88	0.4	0.4	NUM
ejge-4278	130	89	0.6	0.6	NUM
ejge-4278	130	90	0.8	0.8	NUM
ejge-4278	130	91	1.0	1.0	NUM
ejge-4278	130	92	2004	2004	NUM
ejge-4278	130	93	2005	2005	NUM
ejge-4278	130	94	2006	2006	NUM
ejge-4278	130	95	2007	2007	NUM
ejge-4278	130	96	2008	2008	NUM
ejge-4278	130	97	2009	2009	NUM
ejge-4278	130	98	2010	2010	NUM
ejge-4278	130	99	2011	2011	NUM
ejge-4278	130	100	spain	spain	NOUN
ejge-4278	130	101	0.0	0.0	NUM
ejge-4278	130	102	0.2	0.2	NUM
ejge-4278	130	103	0.4	0.4	NUM
ejge-4278	130	104	0.6	0.6	NUM
ejge-4278	130	105	0.8	0.8	NUM
ejge-4278	130	106	1.0	1.0	NUM
ejge-4278	130	107	2004	2004	NUM
ejge-4278	130	108	2005	2005	NUM
ejge-4278	130	109	2006	2006	NUM
ejge-4278	130	110	2007	2007	NUM
ejge-4278	130	111	2008	2008	NUM
ejge-4278	130	112	2009	2009	NUM
ejge-4278	130	113	2010	2010	NUM
ejge-4278	130	114	2011	2011	NUM
ejge-4278	130	115	france	france	PROPN
ejge-4278	130	116	0.0	0.0	NUM
ejge-4278	130	117	0.2	0.2	NUM
ejge-4278	130	118	0.4	0.4	NUM
ejge-4278	130	119	0.6	0.6	NUM
ejge-4278	130	120	0.8	0.8	NUM
ejge-4278	130	121	1.0	1.0	NUM
ejge-4278	130	122	2004	2004	NUM
ejge-4278	130	123	2005	2005	NUM
ejge-4278	130	124	2006	2006	NUM
ejge-4278	130	125	2007	2007	NUM
ejge-4278	130	126	2008	2008	NUM
ejge-4278	130	127	2009	2009	NUM
ejge-4278	130	128	2010	2010	NUM
ejge-4278	130	129	2011	2011	NUM
ejge-4278	130	130	italy	italy	PROPN
ejge-4278	130	131	0.0	0.0	NUM
ejge-4278	130	132	0.2	0.2	NUM
ejge-4278	130	133	0.4	0.4	NUM
ejge-4278	130	134	0.6	0.6	NUM
ejge-4278	130	135	0.8	0.8	NUM
ejge-4278	130	136	1.0	1.0	NUM
ejge-4278	130	137	2004	2004	NUM
ejge-4278	130	138	2005	2005	NUM
ejge-4278	130	139	2006	2006	NUM
ejge-4278	130	140	2007	2007	NUM
ejge-4278	130	141	2008	2008	NUM
ejge-4278	130	142	2009	2009	NUM
ejge-4278	130	143	2010	2010	NUM
ejge-4278	130	144	2011	2011	NUM
ejge-4278	130	145	netherlands	netherlands	PROPN
ejge-4278	130	146	0.0	0.0	NUM
ejge-4278	130	147	0.2	0.2	NUM
ejge-4278	130	148	0.4	0.4	NUM
ejge-4278	130	149	0.6	0.6	NUM
ejge-4278	130	150	0.8	0.8	NUM
ejge-4278	130	151	1.0	1.0	NUM
ejge-4278	130	152	2004	2004	NUM
ejge-4278	130	153	2005	2005	NUM
ejge-4278	130	154	2006	2006	NUM
ejge-4278	130	155	2007	2007	NUM
ejge-4278	130	156	2008	2008	NUM
ejge-4278	130	157	2009	2009	NUM
ejge-4278	130	158	2010	2010	NUM
ejge-4278	130	159	2011	2011	NUM
ejge-4278	130	160	austria	austria	PROPN
ejge-4278	130	161	0.0	0.0	NUM
ejge-4278	130	162	0.2	0.2	NUM
ejge-4278	130	163	0.4	0.4	NUM
ejge-4278	130	164	0.6	0.6	NUM
ejge-4278	130	165	0.8	0.8	NUM
ejge-4278	130	166	1.0	1.0	NUM
ejge-4278	130	167	2004	2004	NUM
ejge-4278	130	168	2005	2005	NUM
ejge-4278	130	169	2006	2006	NUM
ejge-4278	130	170	2007	2007	NUM
ejge-4278	130	171	2008	2008	NUM
ejge-4278	130	172	2009	2009	NUM
ejge-4278	130	173	2010	2010	NUM
ejge-4278	130	174	2011	2011	NUM
ejge-4278	130	175	portugal	portugal	PROPN
ejge-4278	130	176	0.0	0.0	NUM
ejge-4278	130	177	0.2	0.2	NUM
ejge-4278	130	178	0.4	0.4	NUM
ejge-4278	130	179	0.6	0.6	NUM
ejge-4278	130	180	0.8	0.8	NUM
ejge-4278	130	181	1.0	1.0	NUM
ejge-4278	130	182	2004	2004	NUM
ejge-4278	130	183	2005	2005	NUM
ejge-4278	130	184	2006	2006	NUM
ejge-4278	130	185	2007	2007	NUM
ejge-4278	130	186	2008	2008	NUM
ejge-4278	130	187	2009	2009	NUM
ejge-4278	130	188	2010	2010	NUM
ejge-4278	130	189	2011	2011	NUM
ejge-4278	130	190	finland	finland	NOUN
ejge-4278	130	191	0.0	0.0	NUM
ejge-4278	130	192	0.2	0.2	NUM
ejge-4278	130	193	0.4	0.4	NUM
ejge-4278	130	194	0.6	0.6	NUM
ejge-4278	130	195	0.8	0.8	NUM
ejge-4278	130	196	1.0	1.0	NUM
ejge-4278	130	197	2004	2004	NUM
ejge-4278	130	198	2005	2005	NUM
ejge-4278	130	199	2006	2006	NUM
ejge-4278	130	200	2007	2007	NUM
ejge-4278	130	201	2008	2008	NUM
ejge-4278	130	202	2009	2009	NUM
ejge-4278	130	203	2010	2010	NUM
ejge-4278	130	204	2011	2011	NUM
ejge-4278	130	205	european	european	PROPN
ejge-4278	130	206	journal	journal	PROPN
ejge-4278	130	207	of	of	ADP
ejge-4278	130	208	government	government	NOUN
ejge-4278	130	209	and	and	CCONJ
ejge-4278	130	210	economics	economic	NOUN
ejge-4278	130	211	1(1	1(1	NUM
ejge-4278	130	212	)	)	PUNCT
ejge-4278	130	213	95	95	NUM
ejge-4278	130	214	figure	figure	NOUN
ejge-4278	130	215	5.bivariate	5.bivariate	NUM
ejge-4278	130	216	correlations	correlation	NOUN
ejge-4278	130	217	between	between	ADP
ejge-4278	130	218	the	the	DET
ejge-4278	130	219	member	member	NOUN
ejge-4278	130	220	states	state	NOUN
ejge-4278	130	221	and	and	CCONJ
ejge-4278	130	222	the	the	DET
ejge-4278	130	223	emu	emu	PROPN
ejge-4278	130	224	,	,	PUNCT
ejge-4278	130	225	for	for	ADP
ejge-4278	130	226	a	a	DET
ejge-4278	130	227	4year	4year	NUM
ejge-4278	130	228	rolling	rolling	NOUN
ejge-4278	130	229	window	window	NOUN
ejge-4278	130	230	:	:	PUNCT
ejge-4278	130	231	summary	summary	NOUN
ejge-4278	130	232	for	for	ADP
ejge-4278	130	233	relevant	relevant	ADJ
ejge-4278	130	234	dates	date	NOUN
ejge-4278	130	235	0.0	0.0	NUM
ejge-4278	130	236	0.2	0.2	NUM
ejge-4278	130	237	0.4	0.4	NUM
ejge-4278	130	238	0.6	0.6	NUM
ejge-4278	130	239	0.8	0.8	NUM
ejge-4278	130	240	1.0	1.0	NUM
ejge-4278	130	241	bel	bel	NOUN
ejge-4278	130	242	ger	ger	NOUN
ejge-4278	130	243	ire	ire	NOUN
ejge-4278	130	244	gre	gre	PROPN
ejge-4278	130	245	spa	spa	NOUN
ejge-4278	130	246	fra	fra	PROPN
ejge-4278	130	247	ita	ita	PROPN
ejge-4278	130	248	net	net	PROPN
ejge-4278	130	249	aus	aus	PROPN
ejge-4278	130	250	por	por	PROPN
ejge-4278	130	251	fin	fin	PROPN
ejge-4278	130	252	den	den	PROPN
ejge-4278	130	253	swe	swe	PROPN
ejge-4278	130	254	uk	uk	PROPN
ejge-4278	130	255	swi	swi	PROPN
ejge-4278	130	256	usa	usa	PROPN
ejge-4278	130	257	jap	jap	PROPN
ejge-4278	131	1	2007:3	2007:3	NUM
ejge-4278	131	2	2011:4	2011:4	NUM
ejge-4278	131	3	these	these	DET
ejge-4278	131	4	results	result	NOUN
ejge-4278	131	5	offer	offer	VERB
ejge-4278	131	6	a	a	DET
ejge-4278	131	7	tentative	tentative	ADJ
ejge-4278	131	8	explanation	explanation	NOUN
ejge-4278	131	9	to	to	PART
ejge-4278	131	10	harmonize	harmonize	VERB
ejge-4278	131	11	the	the	DET
ejge-4278	131	12	conflicting	conflict	VERB
ejge-4278	131	13	signals	signal	NOUN
ejge-4278	131	14	in	in	ADP
ejge-4278	131	15	figure	figure	NOUN
ejge-4278	131	16	1	1	NUM
ejge-4278	131	17	,	,	PUNCT
ejge-4278	131	18	namely	namely	ADV
ejge-4278	131	19	increased	increase	VERB
ejge-4278	131	20	international	international	ADJ
ejge-4278	131	21	synchronization	synchronization	NOUN
ejge-4278	131	22	and	and	CCONJ
ejge-4278	131	23	growing	grow	VERB
ejge-4278	131	24	intra	intra	ADJ
ejge-4278	131	25	-	-	ADJ
ejge-4278	131	26	euroarea	euroarea	NOUN
ejge-4278	131	27	divergence	divergence	NOUN
ejge-4278	131	28	.	.	PUNCT
ejge-4278	132	1	on	on	ADP
ejge-4278	132	2	the	the	DET
ejge-4278	132	3	whole	whole	NOUN
ejge-4278	132	4	,	,	PUNCT
ejge-4278	132	5	large	large	ADJ
ejge-4278	132	6	symmetric	symmetric	ADJ
ejge-4278	132	7	shocks	shock	NOUN
ejge-4278	132	8	,	,	PUNCT
ejge-4278	132	9	worldwide	worldwide	ADJ
ejge-4278	132	10	economic	economic	ADJ
ejge-4278	132	11	integration	integration	NOUN
ejge-4278	132	12	and	and	CCONJ
ejge-4278	132	13	international	international	ADJ
ejge-4278	132	14	spillovers	spillover	NOUN
ejge-4278	132	15	led	lead	VERB
ejge-4278	132	16	to	to	ADP
ejge-4278	132	17	relative	relative	ADJ
ejge-4278	132	18	highs	high	NOUN
ejge-4278	132	19	in	in	ADP
ejge-4278	132	20	international	international	ADJ
ejge-4278	132	21	synchronization	synchronization	NOUN
ejge-4278	132	22	.	.	PUNCT
ejge-4278	133	1	but	but	CCONJ
ejge-4278	133	2	in	in	ADP
ejge-4278	133	3	a	a	DET
ejge-4278	133	4	few	few	ADJ
ejge-4278	133	5	members	member	NOUN
ejge-4278	133	6	of	of	ADP
ejge-4278	133	7	the	the	DET
ejge-4278	133	8	euro	euro	PROPN
ejge-4278	133	9	area	area	NOUN
ejge-4278	133	10	the	the	DET
ejge-4278	133	11	common	common	ADJ
ejge-4278	133	12	shocks	shock	NOUN
ejge-4278	133	13	launched	launch	VERB
ejge-4278	133	14	powerful	powerful	ADJ
ejge-4278	133	15	asymmetric	asymmetric	ADJ
ejge-4278	133	16	effects	effect	NOUN
ejge-4278	133	17	,	,	PUNCT
ejge-4278	133	18	that	that	PRON
ejge-4278	133	19	induced	induce	VERB
ejge-4278	133	20	quite	quite	ADV
ejge-4278	133	21	idiosyncratic	idiosyncratic	ADJ
ejge-4278	133	22	fluctuations	fluctuation	NOUN
ejge-4278	133	23	.	.	PUNCT
ejge-4278	134	1	it	it	PRON
ejge-4278	134	2	can	can	AUX
ejge-4278	134	3	be	be	AUX
ejge-4278	134	4	shown	show	VERB
ejge-4278	134	5	that	that	SCONJ
ejge-4278	134	6	the	the	DET
ejge-4278	134	7	decline	decline	NOUN
ejge-4278	134	8	in	in	ADP
ejge-4278	134	9	the	the	DET
ejge-4278	134	10	intra	intra	ADJ
ejge-4278	134	11	-	-	ADJ
ejge-4278	134	12	emu	emu	NOUN
ejge-4278	134	13	mean	mean	ADJ
ejge-4278	134	14	correlation	correlation	NOUN
ejge-4278	134	15	reported	report	VERB
ejge-4278	134	16	in	in	ADP
ejge-4278	134	17	figure	figure	NOUN
ejge-4278	134	18	1	1	NUM
ejge-4278	134	19	is	be	AUX
ejge-4278	134	20	explained	explain	VERB
ejge-4278	134	21	for	for	ADP
ejge-4278	134	22	the	the	DET
ejge-4278	134	23	most	most	ADJ
ejge-4278	134	24	part	part	NOUN
ejge-4278	134	25	by	by	ADP
ejge-4278	134	26	the	the	DET
ejge-4278	134	27	contribution	contribution	NOUN
ejge-4278	134	28	of	of	ADP
ejge-4278	134	29	the	the	DET
ejge-4278	134	30	bivariate	bivariate	ADJ
ejge-4278	134	31	correlations	correlation	NOUN
ejge-4278	134	32	between	between	ADP
ejge-4278	134	33	greece	greece	PROPN
ejge-4278	134	34	and	and	CCONJ
ejge-4278	134	35	the	the	DET
ejge-4278	134	36	euro	euro	PROPN
ejge-4278	134	37	area	area	NOUN
ejge-4278	134	38	.	.	PUNCT
ejge-4278	135	1	when	when	SCONJ
ejge-4278	135	2	the	the	DET
ejge-4278	135	3	sequence	sequence	NOUN
ejge-4278	135	4	of	of	ADP
ejge-4278	135	5	mean	mean	ADJ
ejge-4278	135	6	correlations	correlation	NOUN
ejge-4278	135	7	is	be	AUX
ejge-4278	135	8	computed	compute	VERB
ejge-4278	135	9	without	without	ADP
ejge-4278	135	10	the	the	DET
ejge-4278	135	11	greek	greek	PROPN
ejge-4278	135	12	data	datum	NOUN
ejge-4278	135	13	,	,	PUNCT
ejge-4278	135	14	it	it	PRON
ejge-4278	135	15	is	be	AUX
ejge-4278	135	16	found	find	VERB
ejge-4278	135	17	that	that	SCONJ
ejge-4278	135	18	the	the	DET
ejge-4278	135	19	output	output	NOUN
ejge-4278	135	20	comovements	comovement	NOUN
ejge-4278	135	21	within	within	ADP
ejge-4278	135	22	the	the	DET
ejge-4278	135	23	emu	emu	PROPN
ejge-4278	135	24	have	have	AUX
ejge-4278	135	25	not	not	PART
ejge-4278	135	26	reduced	reduce	VERB
ejge-4278	135	27	during	during	ADP
ejge-4278	135	28	the	the	DET
ejge-4278	135	29	crisis	crisis	NOUN
ejge-4278	135	30	,	,	PUNCT
ejge-4278	135	31	and	and	CCONJ
ejge-4278	135	32	that	that	SCONJ
ejge-4278	135	33	the	the	DET
ejge-4278	135	34	intra	intra	ADJ
ejge-4278	135	35	-	-	ADJ
ejge-4278	135	36	euro	euro	ADJ
ejge-4278	135	37	-	-	PUNCT
ejge-4278	135	38	area	area	NOUN
ejge-4278	135	39	synchronization	synchronization	NOUN
ejge-4278	135	40	has	have	AUX
ejge-4278	135	41	been	be	AUX
ejge-4278	135	42	higher	high	ADJ
ejge-4278	135	43	than	than	ADP
ejge-4278	135	44	the	the	DET
ejge-4278	135	45	synchronization	synchronization	NOUN
ejge-4278	135	46	with	with	ADP
ejge-4278	135	47	the	the	DET
ejge-4278	135	48	rest	rest	NOUN
ejge-4278	135	49	of	of	ADP
ejge-4278	135	50	the	the	DET
ejge-4278	135	51	european	european	PROPN
ejge-4278	135	52	union	union	PROPN
ejge-4278	135	53	or	or	CCONJ
ejge-4278	135	54	the	the	DET
ejge-4278	135	55	rest	rest	NOUN
ejge-4278	135	56	of	of	ADP
ejge-4278	135	57	the	the	DET
ejge-4278	135	58	world	world	NOUN
ejge-4278	135	59	.	.	PUNCT
ejge-4278	136	1	the	the	DET
ejge-4278	136	2	decline	decline	NOUN
ejge-4278	136	3	in	in	ADP
ejge-4278	136	4	the	the	DET
ejge-4278	136	5	spanish	spanish	ADJ
ejge-4278	136	6	and	and	CCONJ
ejge-4278	136	7	portuguese	portuguese	ADJ
ejge-4278	136	8	correlations	correlation	NOUN
ejge-4278	136	9	has	have	VERB
ejge-4278	136	10	some	some	DET
ejge-4278	136	11	influence	influence	NOUN
ejge-4278	136	12	on	on	ADP
ejge-4278	136	13	the	the	DET
ejge-4278	136	14	average	average	NOUN
ejge-4278	136	15	,	,	PUNCT
ejge-4278	136	16	but	but	CCONJ
ejge-4278	136	17	their	their	PRON
ejge-4278	136	18	contribution	contribution	NOUN
ejge-4278	136	19	is	be	AUX
ejge-4278	136	20	not	not	PART
ejge-4278	136	21	big	big	ADJ
ejge-4278	136	22	enough	enough	ADV
ejge-4278	136	23	to	to	PART
ejge-4278	136	24	induce	induce	VERB
ejge-4278	136	25	a	a	DET
ejge-4278	136	26	false	false	ADJ
ejge-4278	136	27	impression	impression	NOUN
ejge-4278	136	28	of	of	ADP
ejge-4278	136	29	divergence	divergence	NOUN
ejge-4278	136	30	for	for	ADP
ejge-4278	136	31	the	the	DET
ejge-4278	136	32	area	area	NOUN
ejge-4278	136	33	as	as	ADP
ejge-4278	136	34	a	a	DET
ejge-4278	136	35	whole	whole	NOUN
ejge-4278	136	36	.	.	PUNCT
ejge-4278	137	1	as	as	ADP
ejge-4278	137	2	a	a	DET
ejge-4278	137	3	final	final	ADJ
ejge-4278	137	4	point	point	NOUN
ejge-4278	137	5	,	,	PUNCT
ejge-4278	137	6	we	we	PRON
ejge-4278	137	7	investigate	investigate	VERB
ejge-4278	137	8	the	the	DET
ejge-4278	137	9	factors	factor	NOUN
ejge-4278	137	10	that	that	PRON
ejge-4278	137	11	may	may	AUX
ejge-4278	137	12	explain	explain	VERB
ejge-4278	137	13	why	why	SCONJ
ejge-4278	137	14	member	member	NOUN
ejge-4278	137	15	states	state	NOUN
ejge-4278	137	16	behave	behave	VERB
ejge-4278	137	17	differently	differently	ADV
ejge-4278	137	18	.	.	PUNCT
ejge-4278	138	1	for	for	ADP
ejge-4278	138	2	doing	do	VERB
ejge-4278	138	3	so	so	ADV
ejge-4278	138	4	we	we	PRON
ejge-4278	138	5	analyze	analyze	VERB
ejge-4278	138	6	the	the	DET
ejge-4278	138	7	relationships	relationship	NOUN
ejge-4278	138	8	between	between	ADP
ejge-4278	138	9	the	the	DET
ejge-4278	138	10	change	change	NOUN
ejge-4278	138	11	in	in	ADP
ejge-4278	138	12	the	the	DET
ejge-4278	138	13	cyclical	cyclical	ADJ
ejge-4278	138	14	correlation	correlation	NOUN
ejge-4278	138	15	of	of	ADP
ejge-4278	138	16	the	the	DET
ejge-4278	138	17	members	member	NOUN
ejge-4278	138	18	of	of	ADP
ejge-4278	138	19	the	the	DET
ejge-4278	138	20	euro	euro	PROPN
ejge-4278	138	21	area	area	NOUN
ejge-4278	138	22	between	between	ADP
ejge-4278	138	23	2011:4	2011:4	NUM
ejge-4278	138	24	and	and	CCONJ
ejge-4278	138	25	2007:3	2007:3	NUM
ejge-4278	138	26	,	,	PUNCT
ejge-4278	138	27	and	and	CCONJ
ejge-4278	138	28	a	a	DET
ejge-4278	138	29	variety	variety	NOUN
ejge-4278	138	30	of	of	ADP
ejge-4278	138	31	indicators	indicator	NOUN
ejge-4278	138	32	.	.	PUNCT
ejge-4278	139	1	the	the	DET
ejge-4278	139	2	influence	influence	NOUN
ejge-4278	139	3	of	of	ADP
ejge-4278	139	4	each	each	DET
ejge-4278	139	5	indicator	indicator	NOUN
ejge-4278	139	6	is	be	AUX
ejge-4278	139	7	assessed	assess	VERB
ejge-4278	139	8	individually	individually	ADV
ejge-4278	139	9	,	,	PUNCT
ejge-4278	139	10	as	as	SCONJ
ejge-4278	139	11	there	there	PRON
ejge-4278	139	12	are	be	VERB
ejge-4278	139	13	only	only	ADV
ejge-4278	139	14	eleven	eleven	NUM
ejge-4278	139	15	observations	observation	NOUN
ejge-4278	139	16	and	and	CCONJ
ejge-4278	139	17	some	some	PRON
ejge-4278	139	18	of	of	ADP
ejge-4278	139	19	them	they	PRON
ejge-4278	139	20	are	be	AUX
ejge-4278	139	21	outliers	outlier	NOUN
ejge-4278	139	22	,	,	PUNCT
ejge-4278	139	23	as	as	SCONJ
ejge-4278	139	24	we	we	PRON
ejge-4278	139	25	discuss	discuss	VERB
ejge-4278	139	26	below	below	ADV
ejge-4278	139	27	,	,	PUNCT
ejge-4278	139	28	so	so	CCONJ
ejge-4278	139	29	there	there	PRON
ejge-4278	139	30	are	be	VERB
ejge-4278	139	31	not	not	PART
ejge-4278	139	32	enough	enough	ADJ
ejge-4278	139	33	degrees	degree	NOUN
ejge-4278	139	34	of	of	ADP
ejge-4278	139	35	freedom	freedom	NOUN
ejge-4278	139	36	for	for	ADP
ejge-4278	139	37	a	a	DET
ejge-4278	139	38	joint	joint	ADJ
ejge-4278	139	39	appraisal	appraisal	NOUN
ejge-4278	139	40	.	.	PUNCT
ejge-4278	140	1	the	the	DET
ejge-4278	140	2	variables	variable	NOUN
ejge-4278	140	3	were	be	AUX
ejge-4278	140	4	selected	select	VERB
ejge-4278	140	5	on	on	ADP
ejge-4278	140	6	the	the	DET
ejge-4278	140	7	basis	basis	NOUN
ejge-4278	140	8	of	of	ADP
ejge-4278	140	9	the	the	DET
ejge-4278	140	10	literature	literature	PROPN
ejge-4278	140	11	review	review	NOUN
ejge-4278	140	12	in	in	ADP
ejge-4278	140	13	section	section	NOUN
ejge-4278	140	14	2	2	NUM
ejge-4278	140	15	,	,	PUNCT
ejge-4278	140	16	including	include	VERB
ejge-4278	140	17	some	some	PRON
ejge-4278	140	18	that	that	PRON
ejge-4278	140	19	capture	capture	VERB
ejge-4278	140	20	latent	latent	NOUN
ejge-4278	140	21	imbalances	imbalance	NOUN
ejge-4278	140	22	and	and	CCONJ
ejge-4278	140	23	policy	policy	NOUN
ejge-4278	140	24	management	management	NOUN
ejge-4278	140	25	to	to	PART
ejge-4278	140	26	account	account	VERB
ejge-4278	140	27	for	for	ADP
ejge-4278	140	28	the	the	DET
ejge-4278	140	29	convergence	convergence	NOUN
ejge-4278	140	30	of	of	ADP
ejge-4278	140	31	macroeconomic	macroeconomic	ADJ
ejge-4278	140	32	policies	policy	NOUN
ejge-4278	140	33	.	.	PUNCT
ejge-4278	141	1	all	all	ADV
ejge-4278	141	2	in	in	ADP
ejge-4278	141	3	all	all	PRON
ejge-4278	141	4	,	,	PUNCT
ejge-4278	141	5	nine	nine	NUM
ejge-4278	141	6	indicators	indicator	NOUN
ejge-4278	141	7	are	be	AUX
ejge-4278	141	8	considered	consider	VERB
ejge-4278	141	9	:	:	PUNCT
ejge-4278	141	10	one	one	NUM
ejge-4278	141	11	is	be	AUX
ejge-4278	141	12	for	for	ADP
ejge-4278	141	13	trade	trade	NOUN
ejge-4278	141	14	intensity	intensity	NOUN
ejge-4278	141	15	with	with	ADP
ejge-4278	141	16	the	the	DET
ejge-4278	141	17	euro	euro	PROPN
ejge-4278	141	18	area	area	NOUN
ejge-4278	141	19	(	(	PUNCT
ejge-4278	141	20	12	12	NUM
ejge-4278	141	21	countries	country	NOUN
ejge-4278	141	22	)	)	PUNCT
ejge-4278	141	23	.	.	PUNCT
ejge-4278	142	1	for	for	ADP
ejge-4278	142	2	each	each	DET
ejge-4278	142	3	member	member	NOUN
ejge-4278	142	4	state	state	NOUN
ejge-4278	142	5	,	,	PUNCT
ejge-4278	142	6	trade	trade	NOUN
ejge-4278	142	7	intensity	intensity	NOUN
ejge-4278	142	8	in	in	ADP
ejge-4278	142	9	goods	good	NOUN
ejge-4278	142	10	is	be	AUX
ejge-4278	142	11	obtained	obtain	VERB
ejge-4278	142	12	as	as	ADP
ejge-4278	142	13	the	the	DET
ejge-4278	142	14	sum	sum	NOUN
ejge-4278	142	15	of	of	ADP
ejge-4278	142	16	exports	export	NOUN
ejge-4278	142	17	and	and	CCONJ
ejge-4278	142	18	imports	import	NOUN
ejge-4278	142	19	for	for	ADP
ejge-4278	142	20	2007	2007	NUM
ejge-4278	142	21	with	with	ADP
ejge-4278	142	22	that	that	DET
ejge-4278	142	23	partner	partner	NOUN
ejge-4278	142	24	,	,	PUNCT
ejge-4278	142	25	expressed	express	VERB
ejge-4278	142	26	in	in	ADP
ejge-4278	142	27	%	%	NOUN
ejge-4278	142	28	of	of	ADP
ejge-4278	142	29	gdp	gdp	NOUN
ejge-4278	142	30	.	.	PUNCT
ejge-4278	143	1	one	one	NUM
ejge-4278	143	2	for	for	ADP
ejge-4278	143	3	financial	financial	ADJ
ejge-4278	143	4	openness	openness	NOUN
ejge-4278	143	5	,	,	PUNCT
ejge-4278	143	6	the	the	DET
ejge-4278	143	7	net	net	ADJ
ejge-4278	143	8	international	international	ADJ
ejge-4278	143	9	investment	investment	NOUN
ejge-4278	143	10	position	position	NOUN
ejge-4278	143	11	in	in	ADP
ejge-4278	143	12	%	%	NOUN
ejge-4278	143	13	of	of	ADP
ejge-4278	143	14	gdp	gdp	NOUN
ejge-4278	143	15	for	for	ADP
ejge-4278	143	16	2007	2007	NUM
ejge-4278	143	17	.	.	PUNCT
ejge-4278	144	1	one	one	NUM
ejge-4278	144	2	for	for	ADP
ejge-4278	144	3	labor	labor	NOUN
ejge-4278	144	4	market	market	NOUN
ejge-4278	144	5	rigidity	rigidity	NOUN
ejge-4278	144	6	,	,	PUNCT
ejge-4278	144	7	version	version	NOUN
ejge-4278	144	8	2	2	NUM
ejge-4278	144	9	of	of	ADP
ejge-4278	144	10	the	the	DET
ejge-4278	144	11	oecd	oecd	PROPN
ejge-4278	144	12	’s	’s	PART
ejge-4278	144	13	employment	employment	NOUN
ejge-4278	144	14	protection	protection	NOUN
ejge-4278	144	15	index	index	NOUN
ejge-4278	144	16	for	for	ADP
ejge-4278	144	17	2007	2007	NUM
ejge-4278	144	18	.	.	PUNCT
ejge-4278	145	1	european	european	PROPN
ejge-4278	145	2	journal	journal	PROPN
ejge-4278	145	3	of	of	ADP
ejge-4278	145	4	government	government	NOUN
ejge-4278	145	5	and	and	CCONJ
ejge-4278	145	6	economics	economic	NOUN
ejge-4278	145	7	1(1	1(1	NUM
ejge-4278	145	8	)	)	PUNCT
ejge-4278	145	9	96	96	NUM
ejge-4278	145	10	two	two	NUM
ejge-4278	145	11	for	for	ADP
ejge-4278	145	12	discretionary	discretionary	ADJ
ejge-4278	145	13	fiscal	fiscal	ADJ
ejge-4278	145	14	policy	policy	NOUN
ejge-4278	145	15	:	:	PUNCT
ejge-4278	145	16	the	the	DET
ejge-4278	145	17	cyclically	cyclically	ADV
ejge-4278	145	18	adjusted	adjust	VERB
ejge-4278	145	19	net	net	ADJ
ejge-4278	145	20	lending	lending	NOUN
ejge-4278	145	21	of	of	ADP
ejge-4278	145	22	general	general	ADJ
ejge-4278	145	23	government	government	NOUN
ejge-4278	145	24	in	in	ADP
ejge-4278	145	25	%	%	NOUN
ejge-4278	145	26	of	of	ADP
ejge-4278	145	27	gdp	gdp	NOUN
ejge-4278	145	28	for	for	ADP
ejge-4278	145	29	2007	2007	NUM
ejge-4278	145	30	,	,	PUNCT
ejge-4278	145	31	to	to	PART
ejge-4278	145	32	capture	capture	VERB
ejge-4278	145	33	the	the	DET
ejge-4278	145	34	fiscal	fiscal	ADJ
ejge-4278	145	35	stance	stance	NOUN
ejge-4278	145	36	just	just	ADV
ejge-4278	145	37	before	before	ADP
ejge-4278	145	38	the	the	DET
ejge-4278	145	39	beginning	beginning	NOUN
ejge-4278	145	40	of	of	ADP
ejge-4278	145	41	the	the	DET
ejge-4278	145	42	crisis	crisis	NOUN
ejge-4278	145	43	;	;	PUNCT
ejge-4278	145	44	and	and	CCONJ
ejge-4278	145	45	its	its	PRON
ejge-4278	145	46	sum	sum	NOUN
ejge-4278	145	47	over	over	ADP
ejge-4278	145	48	the	the	DET
ejge-4278	145	49	period	period	NOUN
ejge-4278	145	50	2008	2008	NUM
ejge-4278	145	51	-	-	SYM
ejge-4278	145	52	2010	2010	NUM
ejge-4278	145	53	,	,	PUNCT
ejge-4278	145	54	as	as	ADP
ejge-4278	145	55	an	an	DET
ejge-4278	145	56	indication	indication	NOUN
ejge-4278	145	57	on	on	ADP
ejge-4278	145	58	how	how	SCONJ
ejge-4278	145	59	national	national	ADJ
ejge-4278	145	60	authorities	authority	NOUN
ejge-4278	145	61	managed	manage	VERB
ejge-4278	145	62	fiscal	fiscal	ADJ
ejge-4278	145	63	policy	policy	NOUN
ejge-4278	145	64	in	in	ADP
ejge-4278	145	65	the	the	DET
ejge-4278	145	66	recent	recent	ADJ
ejge-4278	145	67	past	past	NOUN
ejge-4278	145	68	.	.	PUNCT
ejge-4278	146	1	one	one	NUM
ejge-4278	146	2	for	for	ADP
ejge-4278	146	3	the	the	DET
ejge-4278	146	4	loss	loss	NOUN
ejge-4278	146	5	of	of	ADP
ejge-4278	146	6	competitiveness	competitiveness	NOUN
ejge-4278	146	7	between	between	ADP
ejge-4278	146	8	2000	2000	NUM
ejge-4278	146	9	and	and	CCONJ
ejge-4278	146	10	2007	2007	NUM
ejge-4278	146	11	,	,	PUNCT
ejge-4278	146	12	the	the	DET
ejge-4278	146	13	real	real	ADJ
ejge-4278	146	14	exchange	exchange	NOUN
ejge-4278	146	15	effective	effective	ADJ
ejge-4278	146	16	rate	rate	NOUN
ejge-4278	146	17	computed	compute	VERB
ejge-4278	146	18	with	with	ADP
ejge-4278	146	19	the	the	DET
ejge-4278	146	20	gdp	gdp	NOUN
ejge-4278	146	21	deflator	deflator	NOUN
ejge-4278	146	22	.	.	PUNCT
ejge-4278	147	1	two	two	NUM
ejge-4278	147	2	for	for	ADP
ejge-4278	147	3	the	the	DET
ejge-4278	147	4	private	private	ADJ
ejge-4278	147	5	credit	credit	NOUN
ejge-4278	147	6	dynamics	dynamic	NOUN
ejge-4278	147	7	,	,	PUNCT
ejge-4278	147	8	the	the	DET
ejge-4278	147	9	3	3	NUM
ejge-4278	147	10	-	-	PUNCT
ejge-4278	147	11	year	year	NOUN
ejge-4278	147	12	average	average	NOUN
ejge-4278	147	13	for	for	ADP
ejge-4278	147	14	2005	2005	NUM
ejge-4278	147	15	-	-	SYM
ejge-4278	147	16	2007	2007	NUM
ejge-4278	147	17	of	of	ADP
ejge-4278	147	18	the	the	DET
ejge-4278	147	19	private	private	ADJ
ejge-4278	147	20	credit	credit	NOUN
ejge-4278	147	21	flow	flow	NOUN
ejge-4278	147	22	in	in	ADP
ejge-4278	147	23	%	%	NOUN
ejge-4278	147	24	of	of	ADP
ejge-4278	147	25	gdp	gdp	NOUN
ejge-4278	147	26	,	,	PUNCT
ejge-4278	147	27	and	and	CCONJ
ejge-4278	147	28	the	the	DET
ejge-4278	147	29	non	non	ADJ
ejge-4278	147	30	-	-	ADJ
ejge-4278	147	31	consolidated	consolidated	ADJ
ejge-4278	147	32	debt	debt	NOUN
ejge-4278	147	33	of	of	ADP
ejge-4278	147	34	the	the	DET
ejge-4278	147	35	private	private	ADJ
ejge-4278	147	36	sector	sector	NOUN
ejge-4278	147	37	in	in	ADP
ejge-4278	147	38	%	%	NOUN
ejge-4278	147	39	of	of	ADP
ejge-4278	147	40	gdp	gdp	NOUN
ejge-4278	147	41	for	for	ADP
ejge-4278	147	42	2007	2007	NUM
ejge-4278	147	43	.	.	PUNCT
ejge-4278	148	1	one	one	NUM
ejge-4278	148	2	for	for	ADP
ejge-4278	148	3	excess	excess	ADJ
ejge-4278	148	4	national	national	ADJ
ejge-4278	148	5	demand	demand	NOUN
ejge-4278	148	6	,	,	PUNCT
ejge-4278	148	7	the	the	DET
ejge-4278	148	8	3	3	NUM
ejge-4278	148	9	-	-	PUNCT
ejge-4278	148	10	year	year	NOUN
ejge-4278	148	11	average	average	NOUN
ejge-4278	148	12	for	for	ADP
ejge-4278	148	13	2005	2005	NUM
ejge-4278	148	14	-	-	SYM
ejge-4278	148	15	2007	2007	NUM
ejge-4278	148	16	of	of	ADP
ejge-4278	148	17	the	the	DET
ejge-4278	148	18	current	current	ADJ
ejge-4278	148	19	account	account	NOUN
ejge-4278	148	20	balance	balance	NOUN
ejge-4278	148	21	in	in	ADP
ejge-4278	148	22	%	%	NOUN
ejge-4278	148	23	of	of	ADP
ejge-4278	148	24	gdp	gdp	NOUN
ejge-4278	148	25	.	.	PUNCT
ejge-4278	149	1	all	all	DET
ejge-4278	149	2	the	the	DET
ejge-4278	149	3	data	datum	NOUN
ejge-4278	149	4	were	be	AUX
ejge-4278	149	5	taken	take	VERB
ejge-4278	149	6	from	from	ADP
ejge-4278	149	7	the	the	DET
ejge-4278	149	8	eurostat	eurostat	PROPN
ejge-4278	149	9	web	web	NOUN
ejge-4278	149	10	with	with	ADP
ejge-4278	149	11	the	the	DET
ejge-4278	149	12	exception	exception	NOUN
ejge-4278	149	13	of	of	ADP
ejge-4278	149	14	the	the	DET
ejge-4278	149	15	employment	employment	NOUN
ejge-4278	149	16	protection	protection	PROPN
ejge-4278	149	17	index	index	PROPN
ejge-4278	149	18	,	,	PUNCT
ejge-4278	149	19	that	that	PRON
ejge-4278	149	20	was	be	AUX
ejge-4278	149	21	obtained	obtain	VERB
ejge-4278	149	22	from	from	ADP
ejge-4278	149	23	the	the	DET
ejge-4278	149	24	oecd	oecd	PROPN
ejge-4278	149	25	.	.	PUNCT
ejge-4278	150	1	most	most	ADJ
ejge-4278	150	2	indicators	indicator	NOUN
ejge-4278	150	3	refer	refer	VERB
ejge-4278	150	4	to	to	ADP
ejge-4278	150	5	2007	2007	NUM
ejge-4278	150	6	or	or	CCONJ
ejge-4278	150	7	the	the	DET
ejge-4278	150	8	period	period	NOUN
ejge-4278	150	9	2005	2005	NUM
ejge-4278	150	10	-	-	SYM
ejge-4278	150	11	2007	2007	NUM
ejge-4278	150	12	,	,	PUNCT
ejge-4278	150	13	as	as	SCONJ
ejge-4278	150	14	we	we	PRON
ejge-4278	150	15	are	be	AUX
ejge-4278	150	16	interested	interested	ADJ
ejge-4278	150	17	in	in	ADP
ejge-4278	150	18	determining	determine	VERB
ejge-4278	150	19	whether	whether	SCONJ
ejge-4278	150	20	the	the	DET
ejge-4278	150	21	factors	factor	NOUN
ejge-4278	150	22	that	that	PRON
ejge-4278	150	23	led	lead	VERB
ejge-4278	150	24	to	to	ADP
ejge-4278	150	25	changes	change	NOUN
ejge-4278	150	26	in	in	ADP
ejge-4278	150	27	the	the	DET
ejge-4278	150	28	output	output	NOUN
ejge-4278	150	29	comovements	comovement	NOUN
ejge-4278	150	30	for	for	ADP
ejge-4278	150	31	the	the	DET
ejge-4278	150	32	period	period	NOUN
ejge-4278	150	33	of	of	ADP
ejge-4278	150	34	the	the	DET
ejge-4278	150	35	crisis	crisis	NOUN
ejge-4278	150	36	were	be	AUX
ejge-4278	150	37	already	already	ADV
ejge-4278	150	38	latent	latent	ADJ
ejge-4278	150	39	before	before	SCONJ
ejge-4278	150	40	it	it	PRON
ejge-4278	150	41	started	start	VERB
ejge-4278	150	42	.	.	PUNCT
ejge-4278	151	1	besides	besides	SCONJ
ejge-4278	151	2	,	,	PUNCT
ejge-4278	151	3	the	the	DET
ejge-4278	151	4	use	use	NOUN
ejge-4278	151	5	of	of	ADP
ejge-4278	151	6	lagged	lag	VERB
ejge-4278	151	7	values	value	NOUN
ejge-4278	151	8	of	of	ADP
ejge-4278	151	9	the	the	DET
ejge-4278	151	10	indicators	indicator	NOUN
ejge-4278	151	11	reduces	reduce	VERB
ejge-4278	151	12	the	the	DET
ejge-4278	151	13	endogeneity	endogeneity	NOUN
ejge-4278	151	14	bias	bias	NOUN
ejge-4278	151	15	(	(	PUNCT
ejge-4278	151	16	imbs	imb	NOUN
ejge-4278	151	17	2004	2004	NUM
ejge-4278	151	18	,	,	PUNCT
ejge-4278	151	19	de	de	PROPN
ejge-4278	151	20	haan	haan	PROPN
ejge-4278	151	21	et	et	PROPN
ejge-4278	151	22	al	al	PROPN
ejge-4278	151	23	2008	2008	NUM
ejge-4278	151	24	)	)	PUNCT
ejge-4278	151	25	,	,	PUNCT
ejge-4278	151	26	and	and	CCONJ
ejge-4278	151	27	simplifies	simplifie	NOUN
ejge-4278	151	28	testing	test	VERB
ejge-4278	151	29	whether	whether	SCONJ
ejge-4278	151	30	the	the	DET
ejge-4278	151	31	relationship	relationship	NOUN
ejge-4278	151	32	is	be	AUX
ejge-4278	151	33	statistically	statistically	ADV
ejge-4278	151	34	significant	significant	ADJ
ejge-4278	151	35	.	.	PUNCT
ejge-4278	152	1	to	to	PART
ejge-4278	152	2	illustrate	illustrate	VERB
ejge-4278	152	3	the	the	DET
ejge-4278	152	4	type	type	NOUN
ejge-4278	152	5	of	of	ADP
ejge-4278	152	6	association	association	NOUN
ejge-4278	152	7	we	we	PRON
ejge-4278	152	8	focus	focus	VERB
ejge-4278	152	9	on	on	ADP
ejge-4278	152	10	,	,	PUNCT
ejge-4278	152	11	figure	figure	VERB
ejge-4278	152	12	6	6	NUM
ejge-4278	152	13	plots	plot	NOUN
ejge-4278	152	14	the	the	DET
ejge-4278	152	15	change	change	NOUN
ejge-4278	152	16	in	in	ADP
ejge-4278	152	17	the	the	DET
ejge-4278	152	18	cyclical	cyclical	ADJ
ejge-4278	152	19	correlations	correlation	NOUN
ejge-4278	152	20	between	between	ADP
ejge-4278	152	21	2011:4	2011:4	NUM
ejge-4278	152	22	and	and	CCONJ
ejge-4278	152	23	2007:3	2007:3	NUM
ejge-4278	152	24	against	against	ADP
ejge-4278	152	25	the	the	DET
ejge-4278	152	26	indicator	indicator	NOUN
ejge-4278	152	27	of	of	ADP
ejge-4278	152	28	trade	trade	NOUN
ejge-4278	152	29	intensity	intensity	NOUN
ejge-4278	152	30	with	with	ADP
ejge-4278	152	31	the	the	DET
ejge-4278	152	32	euro	euro	PROPN
ejge-4278	152	33	area	area	NOUN
ejge-4278	152	34	.	.	PUNCT
ejge-4278	153	1	to	to	PART
ejge-4278	153	2	measure	measure	VERB
ejge-4278	153	3	the	the	DET
ejge-4278	153	4	direction	direction	NOUN
ejge-4278	153	5	and	and	CCONJ
ejge-4278	153	6	strength	strength	NOUN
ejge-4278	153	7	of	of	ADP
ejge-4278	153	8	this	this	DET
ejge-4278	153	9	relationship	relationship	NOUN
ejge-4278	153	10	we	we	PRON
ejge-4278	153	11	compute	compute	VERB
ejge-4278	153	12	the	the	DET
ejge-4278	153	13	correlation	correlation	NOUN
ejge-4278	153	14	coefficient	coefficient	NOUN
ejge-4278	153	15	between	between	ADP
ejge-4278	153	16	the	the	DET
ejge-4278	153	17	two	two	NUM
ejge-4278	153	18	variables	variable	NOUN
ejge-4278	153	19	and	and	CCONJ
ejge-4278	153	20	report	report	VERB
ejge-4278	153	21	its	its	PRON
ejge-4278	153	22	value	value	NOUN
ejge-4278	153	23	in	in	ADP
ejge-4278	153	24	table	table	NOUN
ejge-4278	153	25	1	1	NUM
ejge-4278	153	26	,	,	PUNCT
ejge-4278	153	27	as	as	ADV
ejge-4278	153	28	well	well	ADV
ejge-4278	153	29	as	as	ADP
ejge-4278	153	30	the	the	DET
ejge-4278	153	31	p	p	NOUN
ejge-4278	153	32	-	-	PUNCT
ejge-4278	153	33	value	value	NOUN
ejge-4278	153	34	that	that	PRON
ejge-4278	153	35	tests	test	VERB
ejge-4278	153	36	its	its	PRON
ejge-4278	153	37	significance	significance	NOUN
ejge-4278	153	38	.	.	PUNCT
ejge-4278	154	1	figure	figure	VERB
ejge-4278	154	2	6.change	6.change	NUM
ejge-4278	154	3	in	in	ADP
ejge-4278	154	4	the	the	DET
ejge-4278	154	5	bivariate	bivariate	ADJ
ejge-4278	154	6	cyclical	cyclical	ADJ
ejge-4278	154	7	correlation	correlation	NOUN
ejge-4278	154	8	between	between	ADP
ejge-4278	154	9	2011:4	2011:4	NUM
ejge-4278	154	10	and	and	CCONJ
ejge-4278	154	11	2007:3	2007:3	NUM
ejge-4278	154	12	against	against	ADP
ejge-4278	154	13	trade	trade	NOUN
ejge-4278	154	14	intensity	intensity	NOUN
ejge-4278	154	15	with	with	ADP
ejge-4278	154	16	the	the	DET
ejge-4278	154	17	euro	euro	PROPN
ejge-4278	154	18	area	area	NOUN
ejge-4278	154	19	for	for	ADP
ejge-4278	154	20	2007	2007	NUM
ejge-4278	154	21	aus	aus	PROPN
ejge-4278	154	22	bel	bel	PROPN
ejge-4278	154	23	ita	ita	PROPN
ejge-4278	154	24	spa	spa	PROPN
ejge-4278	154	25	gerfra	gerfra	PROPN
ejge-4278	154	26	net	net	ADJ
ejge-4278	154	27	fin	fin	NOUN
ejge-4278	154	28	gre	gre	PROPN
ejge-4278	154	29	ire	ire	NOUN
ejge-4278	154	30	por	por	NOUN
ejge-4278	154	31	-1.0	-1.0	PROPN
ejge-4278	154	32	-0.8	-0.8	PROPN
ejge-4278	154	33	-0.6	-0.6	PROPN
ejge-4278	154	34	-0.4	-0.4	X
ejge-4278	154	35	-0.2	-0.2	PROPN
ejge-4278	154	36	0.0	0.0	NUM
ejge-4278	154	37	0.2	0.2	NUM
ejge-4278	154	38	0	0	NUM
ejge-4278	154	39	20	20	NUM
ejge-4278	154	40	40	40	NUM
ejge-4278	154	41	60	60	NUM
ejge-4278	154	42	80	80	NUM
ejge-4278	154	43	100	100	NUM
ejge-4278	154	44	120	120	NUM
ejge-4278	154	45	trade	trade	NOUN
ejge-4278	154	46	intensity	intensity	NOUN
ejge-4278	154	47	with	with	ADP
ejge-4278	154	48	the	the	DET
ejge-4278	154	49	euro	euro	PROPN
ejge-4278	154	50	area	area	NOUN
ejge-4278	154	51	in	in	ADP
ejge-4278	154	52	%	%	NOUN
ejge-4278	154	53	of	of	ADP
ejge-4278	154	54	gdp	gdp	NOUN
ejge-4278	155	1	c	c	PROPN
ejge-4278	155	2	ha	ha	INTJ
ejge-4278	155	3	ng	ng	PROPN
ejge-4278	155	4	e	e	PROPN
ejge-4278	155	5	of	of	ADP
ejge-4278	155	6	th	th	X
ejge-4278	155	7	e	e	X
ejge-4278	155	8	cy	cy	AUX
ejge-4278	155	9	cl	cl	VERB
ejge-4278	155	10	ic	ic	PROPN
ejge-4278	155	11	al	al	PROPN
ejge-4278	155	12	c	c	PROPN
ejge-4278	155	13	or	or	CCONJ
ejge-4278	155	14	re	re	ADJ
ejge-4278	155	15	la	la	X
ejge-4278	155	16	ti	ti	X
ejge-4278	155	17	on	on	ADP
ejge-4278	155	18	.	.	PUNCT
ejge-4278	156	1	simple	simple	ADJ
ejge-4278	156	2	inspection	inspection	NOUN
ejge-4278	156	3	of	of	ADP
ejge-4278	156	4	figure	figure	NOUN
ejge-4278	156	5	6	6	NUM
ejge-4278	156	6	reveals	reveal	VERB
ejge-4278	156	7	that	that	SCONJ
ejge-4278	156	8	greece	greece	PROPN
ejge-4278	156	9	is	be	AUX
ejge-4278	156	10	an	an	DET
ejge-4278	156	11	outlier	outlier	NOUN
ejge-4278	156	12	that	that	PRON
ejge-4278	156	13	distorts	distort	VERB
ejge-4278	156	14	the	the	DET
ejge-4278	156	15	underlying	underlying	ADJ
ejge-4278	156	16	relationship	relationship	NOUN
ejge-4278	156	17	,	,	PUNCT
ejge-4278	156	18	and	and	CCONJ
ejge-4278	156	19	a	a	DET
ejge-4278	156	20	more	more	ADV
ejge-4278	156	21	detailed	detailed	ADJ
ejge-4278	156	22	analysis	analysis	NOUN
ejge-4278	156	23	shows	show	VERB
ejge-4278	156	24	that	that	SCONJ
ejge-4278	156	25	ireland	ireland	PROPN
ejge-4278	156	26	is	be	AUX
ejge-4278	156	27	another	another	DET
ejge-4278	156	28	outlier	outlier	NOUN
ejge-4278	156	29	.	.	PUNCT
ejge-4278	157	1	this	this	PRON
ejge-4278	157	2	is	be	AUX
ejge-4278	157	3	not	not	PART
ejge-4278	157	4	a	a	DET
ejge-4278	157	5	special	special	ADJ
ejge-4278	157	6	trait	trait	NOUN
ejge-4278	157	7	of	of	ADP
ejge-4278	157	8	the	the	DET
ejge-4278	157	9	trade	trade	NOUN
ejge-4278	157	10	indicator	indicator	NOUN
ejge-4278	157	11	,	,	PUNCT
ejge-4278	157	12	but	but	CCONJ
ejge-4278	157	13	a	a	DET
ejge-4278	157	14	general	general	ADJ
ejge-4278	157	15	characteristic	characteristic	NOUN
ejge-4278	157	16	of	of	ADP
ejge-4278	157	17	the	the	DET
ejge-4278	157	18	set	set	NOUN
ejge-4278	157	19	of	of	ADP
ejge-4278	157	20	potential	potential	ADJ
ejge-4278	157	21	explanatory	explanatory	ADJ
ejge-4278	157	22	variables	variable	NOUN
ejge-4278	157	23	that	that	PRON
ejge-4278	157	24	will	will	AUX
ejge-4278	157	25	help	help	VERB
ejge-4278	157	26	to	to	PART
ejge-4278	157	27	assess	assess	VERB
ejge-4278	157	28	the	the	DET
ejge-4278	157	29	idiosyncratic	idiosyncratic	ADJ
ejge-4278	157	30	behavior	behavior	NOUN
ejge-4278	157	31	of	of	ADP
ejge-4278	157	32	these	these	DET
ejge-4278	157	33	two	two	NUM
ejge-4278	157	34	countries	country	NOUN
ejge-4278	157	35	.	.	PUNCT
ejge-4278	158	1	because	because	SCONJ
ejge-4278	158	2	of	of	ADP
ejge-4278	158	3	that	that	PRON
ejge-4278	158	4	,	,	PUNCT
ejge-4278	158	5	for	for	SCONJ
ejge-4278	158	6	each	each	DET
ejge-4278	158	7	indicator	indicator	NOUN
ejge-4278	158	8	reported	report	VERB
ejge-4278	158	9	in	in	ADP
ejge-4278	158	10	table	table	NOUN
ejge-4278	158	11	1	1	NUM
ejge-4278	158	12	three	three	NUM
ejge-4278	158	13	variants	variant	NOUN
ejge-4278	158	14	of	of	ADP
ejge-4278	158	15	the	the	DET
ejge-4278	158	16	correlation	correlation	NOUN
ejge-4278	158	17	coefficient	coefficient	NOUN
ejge-4278	158	18	were	be	AUX
ejge-4278	158	19	computed	compute	VERB
ejge-4278	158	20	:	:	PUNCT
ejge-4278	158	21	with	with	ADP
ejge-4278	158	22	the	the	DET
ejge-4278	158	23	data	datum	NOUN
ejge-4278	158	24	of	of	ADP
ejge-4278	158	25	all	all	DET
ejge-4278	158	26	the	the	DET
ejge-4278	158	27	member	member	NOUN
ejge-4278	158	28	states	state	NOUN
ejge-4278	158	29	in	in	ADP
ejge-4278	158	30	the	the	DET
ejge-4278	158	31	sample	sample	NOUN
ejge-4278	158	32	(	(	PUNCT
ejge-4278	158	33	eleven	eleven	NUM
ejge-4278	158	34	countries	country	NOUN
ejge-4278	158	35	)	)	PUNCT
ejge-4278	158	36	,	,	PUNCT
ejge-4278	158	37	without	without	ADP
ejge-4278	158	38	greece	greece	PROPN
ejge-4278	158	39	(	(	PUNCT
ejge-4278	158	40	ten	ten	NUM
ejge-4278	158	41	countries	country	NOUN
ejge-4278	158	42	)	)	PUNCT
ejge-4278	158	43	and	and	CCONJ
ejge-4278	158	44	without	without	ADP
ejge-4278	158	45	greece	greece	PROPN
ejge-4278	158	46	and	and	CCONJ
ejge-4278	158	47	ireland	ireland	PROPN
ejge-4278	158	48	(	(	PUNCT
ejge-4278	158	49	nine	nine	NUM
ejge-4278	158	50	)	)	PUNCT
ejge-4278	158	51	.	.	PUNCT
ejge-4278	159	1	european	european	PROPN
ejge-4278	159	2	journal	journal	PROPN
ejge-4278	159	3	of	of	ADP
ejge-4278	159	4	government	government	NOUN
ejge-4278	159	5	and	and	CCONJ
ejge-4278	159	6	economics	economic	NOUN
ejge-4278	159	7	1(1	1(1	NUM
ejge-4278	159	8	)	)	PUNCT
ejge-4278	159	9	97	97	NUM
ejge-4278	159	10	table	table	NOUN
ejge-4278	159	11	1	1	NUM
ejge-4278	159	12	.	.	PUNCT
ejge-4278	160	1	correlation	correlation	NOUN
ejge-4278	160	2	coefficients	coefficient	NOUN
ejge-4278	160	3	between	between	ADP
ejge-4278	160	4	the	the	DET
ejge-4278	160	5	change	change	NOUN
ejge-4278	160	6	in	in	ADP
ejge-4278	160	7	output	output	NOUN
ejge-4278	160	8	comovements	comovement	NOUN
ejge-4278	160	9	and	and	CCONJ
ejge-4278	160	10	its	its	PRON
ejge-4278	160	11	potential	potential	ADJ
ejge-4278	160	12	determinants	determinant	NOUN
ejge-4278	160	13	indicator	indicator	NOUN
ejge-4278	160	14	trade	trade	NOUN
ejge-4278	160	15	intensity	intensity	NOUN
ejge-4278	160	16	with	with	ADP
ejge-4278	160	17	the	the	DET
ejge-4278	160	18	euro	euro	PROPN
ejge-4278	160	19	area	area	NOUN
ejge-4278	160	20	0.32	0.32	NUM
ejge-4278	160	21	(	(	PUNCT
ejge-4278	160	22	0.331	0.331	NUM
ejge-4278	160	23	)	)	PUNCT
ejge-4278	160	24	0.21	0.21	NUM
ejge-4278	160	25	(	(	PUNCT
ejge-4278	160	26	0.561	0.561	NUM
ejge-4278	160	27	)	)	PUNCT
ejge-4278	160	28	0.39	0.39	NUM
ejge-4278	160	29	(	(	PUNCT
ejge-4278	160	30	0.296	0.296	NUM
ejge-4278	160	31	)	)	PUNCT
ejge-4278	160	32	net	net	ADJ
ejge-4278	160	33	international	international	ADJ
ejge-4278	160	34	investment	investment	NOUN
ejge-4278	160	35	position	position	NOUN
ejge-4278	160	36	0.62	0.62	NUM
ejge-4278	160	37	(	(	PUNCT
ejge-4278	160	38	0.043	0.043	NUM
ejge-4278	160	39	)	)	PUNCT
ejge-4278	160	40	0.70	0.70	NUM
ejge-4278	160	41	(	(	PUNCT
ejge-4278	160	42	0.025	0.025	NUM
ejge-4278	160	43	)	)	PUNCT
ejge-4278	160	44	0.86	0.86	NUM
ejge-4278	160	45	(	(	PUNCT
ejge-4278	160	46	0.003	0.003	NUM
ejge-4278	160	47	)	)	PUNCT
ejge-4278	160	48	employment	employment	NOUN
ejge-4278	160	49	protection	protection	NOUN
ejge-4278	160	50	-0.34	-0.34	NOUN
ejge-4278	160	51	(	(	PUNCT
ejge-4278	160	52	0.305	0.305	NUM
ejge-4278	160	53	)	)	PUNCT
ejge-4278	160	54	-0.84	-0.84	NOUN
ejge-4278	160	55	(	(	PUNCT
ejge-4278	160	56	0.002	0.002	NUM
ejge-4278	160	57	)	)	PUNCT
ejge-4278	160	58	-0.74	-0.74	NOUN
ejge-4278	160	59	(	(	PUNCT
ejge-4278	160	60	0.024	0.024	NUM
ejge-4278	160	61	)	)	PUNCT
ejge-4278	160	62	cyclically	cyclically	ADV
ejge-4278	160	63	adjusted	adjust	VERB
ejge-4278	160	64	net	net	ADJ
ejge-4278	160	65	lending	lending	NOUN
ejge-4278	160	66	of	of	ADP
ejge-4278	160	67	general	general	ADJ
ejge-4278	160	68	government	government	NOUN
ejge-4278	160	69	(	(	PUNCT
ejge-4278	160	70	2007	2007	NUM
ejge-4278	160	71	)	)	PUNCT
ejge-4278	160	72	0.77	0.77	NUM
ejge-4278	160	73	(	(	PUNCT
ejge-4278	160	74	0.006	0.006	NUM
ejge-4278	160	75	)	)	PUNCT
ejge-4278	160	76	-0.02	-0.02	NUM
ejge-4278	160	77	(	(	PUNCT
ejge-4278	160	78	0.963	0.963	NUM
ejge-4278	160	79	)	)	PUNCT
ejge-4278	160	80	0.19	0.19	NUM
ejge-4278	160	81	(	(	PUNCT
ejge-4278	160	82	0.620	0.620	NUM
ejge-4278	160	83	)	)	PUNCT
ejge-4278	160	84	cyclically	cyclically	ADV
ejge-4278	160	85	adjusted	adjust	VERB
ejge-4278	160	86	net	net	ADJ
ejge-4278	160	87	lending	lending	NOUN
ejge-4278	160	88	of	of	ADP
ejge-4278	160	89	general	general	ADJ
ejge-4278	160	90	government	government	NOUN
ejge-4278	160	91	(	(	PUNCT
ejge-4278	160	92	2008	2008	NUM
ejge-4278	160	93	-	-	SYM
ejge-4278	160	94	2010	2010	NUM
ejge-4278	160	95	)	)	PUNCT
ejge-4278	160	96	0.45	0.45	NUM
ejge-4278	160	97	(	(	PUNCT
ejge-4278	160	98	0.161	0.161	NUM
ejge-4278	160	99	)	)	PUNCT
ejge-4278	160	100	-0.12	-0.12	NUM
ejge-4278	160	101	(	(	PUNCT
ejge-4278	160	102	0.740	0.740	NUM
ejge-4278	160	103	)	)	PUNCT
ejge-4278	160	104	0.84	0.84	NUM
ejge-4278	160	105	(	(	PUNCT
ejge-4278	160	106	0.004	0.004	NUM
ejge-4278	160	107	)	)	PUNCT
ejge-4278	160	108	real	real	ADJ
ejge-4278	160	109	effective	effective	ADJ
ejge-4278	160	110	exchange	exchange	NOUN
ejge-4278	160	111	rate	rate	NOUN
ejge-4278	160	112	with	with	ADP
ejge-4278	160	113	gdp	gdp	NOUN
ejge-4278	160	114	deflator	deflator	PROPN
ejge-4278	160	115	-0.10	-0.10	PROPN
ejge-4278	160	116	(	(	PUNCT
ejge-4278	160	117	0.776	0.776	NUM
ejge-4278	160	118	)	)	PUNCT
ejge-4278	160	119	-0.21	-0.21	NUM
ejge-4278	160	120	(	(	PUNCT
ejge-4278	160	121	0.563	0.563	NUM
ejge-4278	160	122	)	)	PUNCT
ejge-4278	160	123	-0.71	-0.71	NOUN
ejge-4278	160	124	(	(	PUNCT
ejge-4278	160	125	0.031	0.031	NUM
ejge-4278	160	126	)	)	PUNCT
ejge-4278	160	127	private	private	ADJ
ejge-4278	160	128	credit	credit	NOUN
ejge-4278	160	129	flow	flow	NOUN
ejge-4278	160	130	-0.06	-0.06	NUM
ejge-4278	160	131	(	(	PUNCT
ejge-4278	160	132	0.855	0.855	NUM
ejge-4278	160	133	)	)	PUNCT
ejge-4278	160	134	-0.18	-0.18	NUM
ejge-4278	160	135	(	(	PUNCT
ejge-4278	160	136	0.616	0.616	NUM
ejge-4278	160	137	)	)	PUNCT
ejge-4278	160	138	-0.73	-0.73	NOUN
ejge-4278	160	139	(	(	PUNCT
ejge-4278	160	140	0.024	0.024	NUM
ejge-4278	160	141	)	)	PUNCT
ejge-4278	160	142	private	private	ADJ
ejge-4278	160	143	debt	debt	NOUN
ejge-4278	160	144	0.42	0.42	NUM
ejge-4278	160	145	(	(	PUNCT
ejge-4278	160	146	0.204	0.204	NUM
ejge-4278	160	147	)	)	PUNCT
ejge-4278	160	148	-0.20	-0.20	NOUN
ejge-4278	160	149	(	(	PUNCT
ejge-4278	160	150	0.575	0.575	NUM
ejge-4278	160	151	)	)	PUNCT
ejge-4278	160	152	-0.53	-0.53	NOUN
ejge-4278	160	153	(	(	PUNCT
ejge-4278	160	154	0.143	0.143	NUM
ejge-4278	160	155	)	)	PUNCT
ejge-4278	160	156	current	current	ADJ
ejge-4278	160	157	account	account	NOUN
ejge-4278	160	158	balance	balance	NOUN
ejge-4278	160	159	0.56	0.56	NUM
ejge-4278	160	160	(	(	PUNCT
ejge-4278	160	161	0.074	0.074	NUM
ejge-4278	160	162	)	)	PUNCT
ejge-4278	160	163	0.48	0.48	NUM
ejge-4278	160	164	(	(	PUNCT
ejge-4278	160	165	0.156	0.156	NUM
ejge-4278	160	166	)	)	PUNCT
ejge-4278	160	167	0.79	0.79	NUM
ejge-4278	160	168	(	(	PUNCT
ejge-4278	160	169	0.012	0.012	NUM
ejge-4278	160	170	)	)	PUNCT
ejge-4278	160	171	notes	note	NOUN
ejge-4278	160	172	:	:	PUNCT
ejge-4278	160	173	see	see	VERB
ejge-4278	160	174	the	the	DET
ejge-4278	160	175	main	main	ADJ
ejge-4278	160	176	text	text	NOUN
ejge-4278	160	177	for	for	ADP
ejge-4278	160	178	the	the	DET
ejge-4278	160	179	definition	definition	NOUN
ejge-4278	160	180	of	of	ADP
ejge-4278	160	181	the	the	DET
ejge-4278	160	182	variables	variable	NOUN
ejge-4278	160	183	;	;	PUNCT
ejge-4278	160	184	the	the	DET
ejge-4278	160	185	figures	figure	NOUN
ejge-4278	160	186	in	in	ADP
ejge-4278	160	187	parentheses	parenthesis	NOUN
ejge-4278	160	188	are	be	AUX
ejge-4278	160	189	the	the	DET
ejge-4278	160	190	p	p	NOUN
ejge-4278	160	191	-	-	PUNCT
ejge-4278	160	192	values	value	NOUN
ejge-4278	160	193	to	to	PART
ejge-4278	160	194	test	test	VERB
ejge-4278	160	195	the	the	DET
ejge-4278	160	196	null	null	ADJ
ejge-4278	160	197	hypothesis	hypothesis	NOUN
ejge-4278	160	198	of	of	ADP
ejge-4278	160	199	no	no	DET
ejge-4278	160	200	linear	linear	ADJ
ejge-4278	160	201	dependence	dependence	NOUN
ejge-4278	160	202	all	all	DET
ejge-4278	160	203	the	the	DET
ejge-4278	160	204	members	member	NOUN
ejge-4278	160	205	without	without	ADP
ejge-4278	160	206	greece	greece	PROPN
ejge-4278	160	207	without	without	ADP
ejge-4278	160	208	greece	greece	PROPN
ejge-4278	160	209	and	and	CCONJ
ejge-4278	160	210	(	(	PUNCT
ejge-4278	160	211	11	11	NUM
ejge-4278	160	212	countries	country	NOUN
ejge-4278	160	213	)	)	PUNCT
ejge-4278	160	214	(	(	PUNCT
ejge-4278	160	215	10	10	NUM
ejge-4278	160	216	countries	country	NOUN
ejge-4278	160	217	)	)	PUNCT
ejge-4278	160	218	ireland	ireland	NOUN
ejge-4278	160	219	(	(	PUNCT
ejge-4278	160	220	9	9	NUM
ejge-4278	160	221	countries	country	NOUN
ejge-4278	160	222	)	)	PUNCT
ejge-4278	160	223	when	when	SCONJ
ejge-4278	160	224	greece	greece	PROPN
ejge-4278	160	225	and	and	CCONJ
ejge-4278	160	226	ireland	ireland	PROPN
ejge-4278	160	227	are	be	AUX
ejge-4278	160	228	filtered	filter	VERB
ejge-4278	160	229	out	out	ADP
ejge-4278	160	230	most	most	ADJ
ejge-4278	160	231	relationships	relationship	NOUN
ejge-4278	160	232	are	be	AUX
ejge-4278	160	233	statistically	statistically	ADV
ejge-4278	160	234	significant	significant	ADJ
ejge-4278	160	235	at	at	ADP
ejge-4278	160	236	the	the	DET
ejge-4278	160	237	5	5	NUM
ejge-4278	160	238	%	%	NOUN
ejge-4278	160	239	level	level	NOUN
ejge-4278	160	240	,	,	PUNCT
ejge-4278	160	241	and	and	CCONJ
ejge-4278	160	242	the	the	DET
ejge-4278	160	243	coefficients	coefficient	NOUN
ejge-4278	160	244	have	have	VERB
ejge-4278	160	245	the	the	DET
ejge-4278	160	246	expected	expect	VERB
ejge-4278	160	247	signs	sign	NOUN
ejge-4278	160	248	.	.	PUNCT
ejge-4278	161	1	the	the	DET
ejge-4278	161	2	results	result	NOUN
ejge-4278	161	3	in	in	ADP
ejge-4278	161	4	table	table	NOUN
ejge-4278	161	5	1	1	NUM
ejge-4278	161	6	show	show	VERB
ejge-4278	161	7	that	that	SCONJ
ejge-4278	161	8	the	the	DET
ejge-4278	161	9	foundations	foundation	NOUN
ejge-4278	161	10	that	that	PRON
ejge-4278	161	11	explain	explain	VERB
ejge-4278	161	12	the	the	DET
ejge-4278	161	13	evolution	evolution	NOUN
ejge-4278	161	14	of	of	ADP
ejge-4278	161	15	most	most	ADJ
ejge-4278	161	16	national	national	ADJ
ejge-4278	161	17	cycles	cycle	NOUN
ejge-4278	161	18	vis	vis	X
ejge-4278	161	19	-	-	ADJ
ejge-4278	161	20	à	à	X
ejge-4278	161	21	-	-	PUNCT
ejge-4278	161	22	vis	vis	X
ejge-4278	161	23	the	the	DET
ejge-4278	161	24	emu	emu	PROPN
ejge-4278	161	25	aggregate	aggregate	NOUN
ejge-4278	161	26	in	in	ADP
ejge-4278	161	27	the	the	DET
ejge-4278	161	28	crisis	crisis	NOUN
ejge-4278	161	29	were	be	AUX
ejge-4278	161	30	laid	lay	VERB
ejge-4278	161	31	in	in	ADP
ejge-4278	161	32	2007	2007	NUM
ejge-4278	161	33	,	,	PUNCT
ejge-4278	161	34	in	in	ADP
ejge-4278	161	35	the	the	DET
ejge-4278	161	36	form	form	NOUN
ejge-4278	161	37	of	of	ADP
ejge-4278	161	38	the	the	DET
ejge-4278	161	39	net	net	ADJ
ejge-4278	161	40	international	international	ADJ
ejge-4278	161	41	investment	investment	NOUN
ejge-4278	161	42	position	position	NOUN
ejge-4278	161	43	,	,	PUNCT
ejge-4278	161	44	the	the	DET
ejge-4278	161	45	level	level	NOUN
ejge-4278	161	46	of	of	ADP
ejge-4278	161	47	employment	employment	NOUN
ejge-4278	161	48	protection	protection	NOUN
ejge-4278	161	49	,	,	PUNCT
ejge-4278	161	50	competitiveness	competitiveness	NOUN
ejge-4278	161	51	developments	development	NOUN
ejge-4278	161	52	,	,	PUNCT
ejge-4278	161	53	the	the	DET
ejge-4278	161	54	growth	growth	NOUN
ejge-4278	161	55	of	of	ADP
ejge-4278	161	56	the	the	DET
ejge-4278	161	57	credit	credit	NOUN
ejge-4278	161	58	for	for	ADP
ejge-4278	161	59	the	the	DET
ejge-4278	161	60	private	private	ADJ
ejge-4278	161	61	sector	sector	NOUN
ejge-4278	161	62	,	,	PUNCT
ejge-4278	161	63	and	and	CCONJ
ejge-4278	161	64	the	the	DET
ejge-4278	161	65	current	current	ADJ
ejge-4278	161	66	account	account	NOUN
ejge-4278	161	67	balance	balance	NOUN
ejge-4278	161	68	.	.	PUNCT
ejge-4278	162	1	besides	besides	SCONJ
ejge-4278	162	2	,	,	PUNCT
ejge-4278	162	3	the	the	DET
ejge-4278	162	4	fiscal	fiscal	ADJ
ejge-4278	162	5	stance	stance	NOUN
ejge-4278	162	6	in	in	ADP
ejge-4278	162	7	the	the	DET
ejge-4278	162	8	period	period	NOUN
ejge-4278	162	9	2008	2008	NUM
ejge-4278	162	10	-	-	SYM
ejge-4278	162	11	2010	2010	NUM
ejge-4278	162	12	is	be	AUX
ejge-4278	162	13	also	also	ADV
ejge-4278	162	14	relevant	relevant	ADJ
ejge-4278	162	15	,	,	PUNCT
ejge-4278	162	16	as	as	SCONJ
ejge-4278	162	17	loose	loose	ADJ
ejge-4278	162	18	discretionary	discretionary	ADJ
ejge-4278	162	19	fiscal	fiscal	ADJ
ejge-4278	162	20	policies	policy	NOUN
ejge-4278	162	21	in	in	ADP
ejge-4278	162	22	the	the	DET
ejge-4278	162	23	first	first	ADJ
ejge-4278	162	24	years	year	NOUN
ejge-4278	162	25	of	of	ADP
ejge-4278	162	26	the	the	DET
ejge-4278	162	27	crisis	crisis	NOUN
ejge-4278	162	28	tended	tend	VERB
ejge-4278	162	29	to	to	PART
ejge-4278	162	30	lower	lower	VERB
ejge-4278	162	31	national	national	ADJ
ejge-4278	162	32	comovements	comovement	NOUN
ejge-4278	162	33	with	with	ADP
ejge-4278	162	34	the	the	DET
ejge-4278	162	35	rest	rest	NOUN
ejge-4278	162	36	of	of	ADP
ejge-4278	162	37	the	the	DET
ejge-4278	162	38	emu	emu	PROPN
ejge-4278	162	39	.	.	PUNCT
ejge-4278	163	1	the	the	DET
ejge-4278	163	2	only	only	ADJ
ejge-4278	163	3	indicators	indicator	NOUN
ejge-4278	163	4	that	that	PRON
ejge-4278	163	5	are	be	AUX
ejge-4278	163	6	not	not	PART
ejge-4278	163	7	statistically	statistically	ADV
ejge-4278	163	8	significant	significant	ADJ
ejge-4278	163	9	are	be	AUX
ejge-4278	163	10	trade	trade	NOUN
ejge-4278	163	11	intensity	intensity	NOUN
ejge-4278	163	12	and	and	CCONJ
ejge-4278	163	13	the	the	DET
ejge-4278	163	14	private	private	ADJ
ejge-4278	163	15	sector	sector	NOUN
ejge-4278	163	16	debt	debt	NOUN
ejge-4278	163	17	.	.	PUNCT
ejge-4278	164	1	both	both	DET
ejge-4278	164	2	point	point	NOUN
ejge-4278	164	3	estimates	estimate	NOUN
ejge-4278	164	4	are	be	AUX
ejge-4278	164	5	high	high	ADJ
ejge-4278	164	6	and	and	CCONJ
ejge-4278	164	7	have	have	VERB
ejge-4278	164	8	the	the	DET
ejge-4278	164	9	expected	expect	VERB
ejge-4278	164	10	sign	sign	NOUN
ejge-4278	164	11	,	,	PUNCT
ejge-4278	164	12	and	and	CCONJ
ejge-4278	164	13	it	it	PRON
ejge-4278	164	14	is	be	AUX
ejge-4278	164	15	quite	quite	ADV
ejge-4278	164	16	likely	likely	ADJ
ejge-4278	164	17	that	that	SCONJ
ejge-4278	164	18	the	the	DET
ejge-4278	164	19	null	null	ADJ
ejge-4278	164	20	hypothesis	hypothesis	NOUN
ejge-4278	164	21	of	of	ADP
ejge-4278	164	22	no	no	DET
ejge-4278	164	23	linear	linear	ADJ
ejge-4278	164	24	relationship	relationship	NOUN
ejge-4278	164	25	has	have	AUX
ejge-4278	164	26	not	not	PART
ejge-4278	164	27	been	be	AUX
ejge-4278	164	28	rejected	reject	VERB
ejge-4278	164	29	because	because	SCONJ
ejge-4278	164	30	of	of	ADP
ejge-4278	164	31	the	the	DET
ejge-4278	164	32	low	low	ADJ
ejge-4278	164	33	power	power	NOUN
ejge-4278	164	34	of	of	ADP
ejge-4278	164	35	the	the	DET
ejge-4278	164	36	tests	test	NOUN
ejge-4278	164	37	due	due	ADJ
ejge-4278	164	38	to	to	ADP
ejge-4278	164	39	the	the	DET
ejge-4278	164	40	small	small	ADJ
ejge-4278	164	41	size	size	NOUN
ejge-4278	164	42	of	of	ADP
ejge-4278	164	43	the	the	DET
ejge-4278	164	44	sample	sample	NOUN
ejge-4278	164	45	.	.	PUNCT
ejge-4278	165	1	table	table	NOUN
ejge-4278	165	2	1	1	NUM
ejge-4278	165	3	also	also	ADV
ejge-4278	165	4	gives	give	VERB
ejge-4278	165	5	some	some	DET
ejge-4278	165	6	hints	hint	NOUN
ejge-4278	165	7	on	on	ADP
ejge-4278	165	8	why	why	SCONJ
ejge-4278	165	9	greece	greece	PROPN
ejge-4278	165	10	and	and	CCONJ
ejge-4278	165	11	ireland	ireland	PROPN
ejge-4278	165	12	deviate	deviate	VERB
ejge-4278	165	13	from	from	ADP
ejge-4278	165	14	the	the	DET
ejge-4278	165	15	general	general	ADJ
ejge-4278	165	16	pattern	pattern	NOUN
ejge-4278	165	17	.	.	PUNCT
ejge-4278	166	1	the	the	DET
ejge-4278	166	2	greek	greek	ADJ
ejge-4278	166	3	performance	performance	NOUN
ejge-4278	166	4	is	be	AUX
ejge-4278	166	5	the	the	DET
ejge-4278	166	6	consequence	consequence	NOUN
ejge-4278	166	7	of	of	ADP
ejge-4278	166	8	its	its	PRON
ejge-4278	166	9	fiscal	fiscal	ADJ
ejge-4278	166	10	stance	stance	NOUN
ejge-4278	166	11	and	and	CCONJ
ejge-4278	166	12	the	the	DET
ejge-4278	166	13	ensuing	ensue	VERB
ejge-4278	166	14	public	public	ADJ
ejge-4278	166	15	debt	debt	NOUN
ejge-4278	166	16	burden	burden	NOUN
ejge-4278	166	17	,	,	PUNCT
ejge-4278	166	18	as	as	SCONJ
ejge-4278	166	19	the	the	DET
ejge-4278	166	20	yearly	yearly	ADV
ejge-4278	166	21	cyclically	cyclically	ADV
ejge-4278	166	22	adjusted	adjust	VERB
ejge-4278	166	23	net	net	ADJ
ejge-4278	166	24	borrowing	borrowing	NOUN
ejge-4278	166	25	of	of	ADP
ejge-4278	166	26	the	the	DET
ejge-4278	166	27	greek	greek	ADJ
ejge-4278	166	28	government	government	NOUN
ejge-4278	166	29	averaged	average	VERB
ejge-4278	166	30	6.3	6.3	NUM
ejge-4278	166	31	%	%	NOUN
ejge-4278	166	32	of	of	ADP
ejge-4278	166	33	gdp	gdp	NOUN
ejge-4278	166	34	in	in	ADP
ejge-4278	166	35	the	the	DET
ejge-4278	166	36	period	period	NOUN
ejge-4278	166	37	2000	2000	NUM
ejge-4278	166	38	-	-	SYM
ejge-4278	166	39	2007	2007	NUM
ejge-4278	166	40	.	.	PUNCT
ejge-4278	167	1	the	the	DET
ejge-4278	167	2	current	current	ADJ
ejge-4278	167	3	level	level	NOUN
ejge-4278	167	4	of	of	ADP
ejge-4278	167	5	the	the	DET
ejge-4278	167	6	public	public	ADJ
ejge-4278	167	7	debt	debt	NOUN
ejge-4278	167	8	is	be	AUX
ejge-4278	167	9	a	a	DET
ejge-4278	167	10	major	major	ADJ
ejge-4278	167	11	structural	structural	ADJ
ejge-4278	167	12	weakness	weakness	NOUN
ejge-4278	167	13	,	,	PUNCT
ejge-4278	167	14	its	its	PRON
ejge-4278	167	15	correction	correction	NOUN
ejge-4278	167	16	will	will	AUX
ejge-4278	167	17	take	take	VERB
ejge-4278	167	18	a	a	DET
ejge-4278	167	19	long	long	ADJ
ejge-4278	167	20	period	period	NOUN
ejge-4278	167	21	where	where	SCONJ
ejge-4278	167	22	the	the	DET
ejge-4278	167	23	greek	greek	ADJ
ejge-4278	167	24	cycle	cycle	NOUN
ejge-4278	167	25	will	will	AUX
ejge-4278	167	26	be	be	AUX
ejge-4278	167	27	out	out	ADP
ejge-4278	167	28	of	of	ADP
ejge-4278	167	29	sync	sync	NOUN
ejge-4278	167	30	with	with	ADP
ejge-4278	167	31	the	the	DET
ejge-4278	167	32	euro	euro	PROPN
ejge-4278	167	33	area	area	NOUN
ejge-4278	167	34	,	,	PUNCT
ejge-4278	167	35	and	and	CCONJ
ejge-4278	167	36	all	all	ADV
ejge-4278	167	37	through	through	ADP
ejge-4278	167	38	that	that	DET
ejge-4278	167	39	time	time	NOUN
ejge-4278	167	40	greece	greece	PROPN
ejge-4278	167	41	will	will	AUX
ejge-4278	167	42	continue	continue	VERB
ejge-4278	167	43	to	to	PART
ejge-4278	167	44	be	be	AUX
ejge-4278	167	45	an	an	DET
ejge-4278	167	46	outlier	outlier	NOUN
ejge-4278	167	47	within	within	ADP
ejge-4278	167	48	the	the	DET
ejge-4278	167	49	emu	emu	PROPN
ejge-4278	167	50	.	.	PROPN
ejge-4278	168	1	in	in	ADP
ejge-4278	168	2	the	the	DET
ejge-4278	168	3	irish	irish	ADJ
ejge-4278	168	4	case	case	NOUN
ejge-4278	168	5	the	the	DET
ejge-4278	168	6	imbalances	imbalance	NOUN
ejge-4278	168	7	of	of	ADP
ejge-4278	168	8	the	the	DET
ejge-4278	168	9	economy	economy	NOUN
ejge-4278	168	10	in	in	ADP
ejge-4278	168	11	2007	2007	NUM
ejge-4278	168	12	suggested	suggest	VERB
ejge-4278	168	13	that	that	SCONJ
ejge-4278	168	14	ireland	ireland	PROPN
ejge-4278	168	15	would	would	AUX
ejge-4278	168	16	decouple	decouple	VERB
ejge-4278	168	17	in	in	ADP
ejge-4278	168	18	the	the	DET
ejge-4278	168	19	course	course	NOUN
ejge-4278	168	20	of	of	ADP
ejge-4278	168	21	the	the	DET
ejge-4278	168	22	crisis	crisis	NOUN
ejge-4278	168	23	,	,	PUNCT
ejge-4278	168	24	as	as	SCONJ
ejge-4278	168	25	spain	spain	PROPN
ejge-4278	168	26	and	and	CCONJ
ejge-4278	168	27	portugal	portugal	PROPN
ejge-4278	168	28	did	do	VERB
ejge-4278	168	29	.	.	PUNCT
ejge-4278	169	1	quite	quite	DET
ejge-4278	169	2	the	the	DET
ejge-4278	169	3	opposite	opposite	NOUN
ejge-4278	169	4	,	,	PUNCT
ejge-4278	169	5	the	the	DET
ejge-4278	169	6	irish	irish	ADJ
ejge-4278	169	7	cycle	cycle	NOUN
ejge-4278	169	8	became	become	VERB
ejge-4278	169	9	more	more	ADV
ejge-4278	169	10	aligned	aligned	ADJ
ejge-4278	169	11	with	with	ADP
ejge-4278	169	12	the	the	DET
ejge-4278	169	13	euro	euro	PROPN
ejge-4278	169	14	area	area	NOUN
ejge-4278	169	15	cycle	cycle	NOUN
ejge-4278	169	16	,	,	PUNCT
ejge-4278	169	17	and	and	CCONJ
ejge-4278	169	18	that	that	PRON
ejge-4278	169	19	explains	explain	VERB
ejge-4278	169	20	why	why	SCONJ
ejge-4278	169	21	the	the	DET
ejge-4278	169	22	correlation	correlation	NOUN
ejge-4278	169	23	coefficients	coefficient	VERB
ejge-4278	169	24	with	with	ADP
ejge-4278	169	25	the	the	DET
ejge-4278	169	26	excess	excess	ADJ
ejge-4278	169	27	demand	demand	NOUN
ejge-4278	169	28	and	and	CCONJ
ejge-4278	169	29	credit	credit	NOUN
ejge-4278	169	30	indicators	indicator	NOUN
ejge-4278	169	31	are	be	AUX
ejge-4278	169	32	not	not	PART
ejge-4278	169	33	statistically	statistically	ADV
ejge-4278	169	34	significant	significant	ADJ
ejge-4278	169	35	when	when	SCONJ
ejge-4278	169	36	ireland	ireland	PROPN
ejge-4278	169	37	is	be	AUX
ejge-4278	169	38	included	include	VERB
ejge-4278	169	39	.	.	PUNCT
ejge-4278	170	1	in	in	ADP
ejge-4278	170	2	contrast	contrast	NOUN
ejge-4278	170	3	,	,	PUNCT
ejge-4278	170	4	the	the	DET
ejge-4278	170	5	correlation	correlation	NOUN
ejge-4278	170	6	with	with	ADP
ejge-4278	170	7	the	the	DET
ejge-4278	170	8	employment	employment	NOUN
ejge-4278	170	9	protection	protection	NOUN
ejge-4278	170	10	is	be	AUX
ejge-4278	170	11	higher	high	ADJ
ejge-4278	170	12	in	in	ADP
ejge-4278	170	13	absolute	absolute	ADJ
ejge-4278	170	14	value	value	NOUN
ejge-4278	170	15	and	and	CCONJ
ejge-4278	170	16	much	much	ADV
ejge-4278	170	17	more	more	ADV
ejge-4278	170	18	significant	significant	ADJ
ejge-4278	170	19	than	than	ADP
ejge-4278	170	20	when	when	SCONJ
ejge-4278	170	21	ireland	ireland	PROPN
ejge-4278	170	22	does	do	AUX
ejge-4278	170	23	not	not	PART
ejge-4278	170	24	enter	enter	VERB
ejge-4278	170	25	in	in	ADP
ejge-4278	170	26	its	its	PRON
ejge-4278	170	27	calculation	calculation	NOUN
ejge-4278	170	28	.	.	PUNCT
ejge-4278	171	1	taken	take	VERB
ejge-4278	171	2	together	together	ADV
ejge-4278	171	3	,	,	PUNCT
ejge-4278	171	4	these	these	DET
ejge-4278	171	5	results	result	NOUN
ejge-4278	171	6	point	point	VERB
ejge-4278	171	7	at	at	ADP
ejge-4278	171	8	the	the	DET
ejge-4278	171	9	irish	irish	ADJ
ejge-4278	171	10	recoupling	recouple	VERB
ejge-4278	171	11	being	be	AUX
ejge-4278	171	12	mainly	mainly	ADV
ejge-4278	171	13	explained	explain	VERB
ejge-4278	171	14	by	by	ADP
ejge-4278	171	15	the	the	DET
ejge-4278	171	16	high	high	ADJ
ejge-4278	171	17	flexibility	flexibility	NOUN
ejge-4278	171	18	of	of	ADP
ejge-4278	171	19	its	its	PRON
ejge-4278	171	20	labor	labor	NOUN
ejge-4278	171	21	market	market	NOUN
ejge-4278	171	22	.	.	PUNCT
ejge-4278	172	1	such	such	ADJ
ejge-4278	172	2	flexibility	flexibility	NOUN
ejge-4278	172	3	may	may	AUX
ejge-4278	172	4	have	have	AUX
ejge-4278	172	5	allowed	allow	VERB
ejge-4278	172	6	market	market	NOUN
ejge-4278	172	7	forces	force	NOUN
ejge-4278	172	8	to	to	PART
ejge-4278	172	9	play	play	VERB
ejge-4278	172	10	a	a	DET
ejge-4278	172	11	leading	lead	VERB
ejge-4278	172	12	role	role	NOUN
ejge-4278	172	13	in	in	ADP
ejge-4278	172	14	the	the	DET
ejge-4278	172	15	adjustment	adjustment	NOUN
ejge-4278	172	16	process	process	NOUN
ejge-4278	172	17	,	,	PUNCT
ejge-4278	172	18	reducing	reduce	VERB
ejge-4278	172	19	the	the	DET
ejge-4278	172	20	asymmetric	asymmetric	ADJ
ejge-4278	172	21	impacts	impact	NOUN
ejge-4278	172	22	of	of	ADP
ejge-4278	172	23	the	the	DET
ejge-4278	172	24	common	common	ADJ
ejge-4278	172	25	shocks	shock	NOUN
ejge-4278	172	26	that	that	PRON
ejge-4278	172	27	hit	hit	VERB
ejge-4278	172	28	the	the	DET
ejge-4278	172	29	euro	euro	PROPN
ejge-4278	172	30	area	area	NOUN
ejge-4278	172	31	,	,	PUNCT
ejge-4278	172	32	and	and	CCONJ
ejge-4278	172	33	compensating	compensate	VERB
ejge-4278	172	34	the	the	DET
ejge-4278	172	35	negative	negative	ADJ
ejge-4278	172	36	starting	starting	NOUN
ejge-4278	172	37	conditions	condition	NOUN
ejge-4278	172	38	induced	induce	VERB
ejge-4278	172	39	by	by	ADP
ejge-4278	172	40	the	the	DET
ejge-4278	172	41	overheating	overheating	NOUN
ejge-4278	172	42	of	of	ADP
ejge-4278	172	43	the	the	DET
ejge-4278	172	44	irish	irish	ADJ
ejge-4278	172	45	economy	economy	NOUN
ejge-4278	172	46	in	in	ADP
ejge-4278	172	47	2007	2007	NUM
ejge-4278	172	48	.	.	PUNCT
ejge-4278	173	1	conclusions	conclusion	NOUN
ejge-4278	173	2	cyclical	cyclical	ADJ
ejge-4278	173	3	synchronization	synchronization	NOUN
ejge-4278	173	4	within	within	ADP
ejge-4278	173	5	the	the	DET
ejge-4278	173	6	emu	emu	PROPN
ejge-4278	173	7	has	have	AUX
ejge-4278	173	8	traditionally	traditionally	ADV
ejge-4278	173	9	been	be	AUX
ejge-4278	173	10	a	a	DET
ejge-4278	173	11	source	source	NOUN
ejge-4278	173	12	of	of	ADP
ejge-4278	173	13	concern	concern	NOUN
ejge-4278	173	14	,	,	PUNCT
ejge-4278	173	15	but	but	CCONJ
ejge-4278	173	16	in	in	ADP
ejge-4278	173	17	recent	recent	ADJ
ejge-4278	173	18	years	year	NOUN
ejge-4278	173	19	there	there	PRON
ejge-4278	173	20	are	be	VERB
ejge-4278	173	21	serious	serious	ADJ
ejge-4278	173	22	doubts	doubt	NOUN
ejge-4278	173	23	whether	whether	SCONJ
ejge-4278	173	24	the	the	DET
ejge-4278	173	25	euro	euro	PROPN
ejge-4278	173	26	area	area	NOUN
ejge-4278	173	27	will	will	AUX
ejge-4278	173	28	be	be	AUX
ejge-4278	173	29	able	able	ADJ
ejge-4278	173	30	to	to	PART
ejge-4278	173	31	cope	cope	VERB
ejge-4278	173	32	with	with	ADP
ejge-4278	173	33	the	the	DET
ejge-4278	173	34	powerful	powerful	ADJ
ejge-4278	173	35	asymmetric	asymmetric	ADJ
ejge-4278	173	36	responses	response	NOUN
ejge-4278	173	37	to	to	ADP
ejge-4278	173	38	the	the	DET
ejge-4278	173	39	shocks	shock	NOUN
ejge-4278	173	40	that	that	PRON
ejge-4278	173	41	launched	launch	VERB
ejge-4278	173	42	the	the	DET
ejge-4278	173	43	financial	financial	ADJ
ejge-4278	173	44	crisis	crisis	NOUN
ejge-4278	173	45	in	in	ADP
ejge-4278	173	46	2007	2007	NUM
ejge-4278	173	47	.	.	PUNCT
ejge-4278	174	1	though	though	SCONJ
ejge-4278	174	2	the	the	DET
ejge-4278	174	3	crisis	crisis	NOUN
ejge-4278	174	4	is	be	AUX
ejge-4278	174	5	still	still	ADV
ejge-4278	174	6	on	on	ADP
ejge-4278	174	7	the	the	DET
ejge-4278	174	8	run	run	NOUN
ejge-4278	174	9	,	,	PUNCT
ejge-4278	174	10	it	it	PRON
ejge-4278	174	11	is	be	AUX
ejge-4278	174	12	essential	essential	ADJ
ejge-4278	174	13	to	to	PART
ejge-4278	174	14	evaluate	evaluate	VERB
ejge-4278	174	15	its	its	PRON
ejge-4278	174	16	potential	potential	ADJ
ejge-4278	174	17	consequences	consequence	NOUN
ejge-4278	174	18	on	on	ADP
ejge-4278	174	19	the	the	DET
ejge-4278	174	20	emu	emu	PROPN
ejge-4278	174	21	,	,	PUNCT
ejge-4278	174	22	and	and	CCONJ
ejge-4278	174	23	this	this	DET
ejge-4278	174	24	paper	paper	NOUN
ejge-4278	174	25	aimed	aim	VERB
ejge-4278	174	26	to	to	PART
ejge-4278	174	27	give	give	VERB
ejge-4278	174	28	some	some	DET
ejge-4278	174	29	tentative	tentative	ADJ
ejge-4278	174	30	empirical	empirical	ADJ
ejge-4278	174	31	evidence	evidence	NOUN
ejge-4278	174	32	on	on	ADP
ejge-4278	174	33	this	this	DET
ejge-4278	174	34	issue	issue	NOUN
ejge-4278	174	35	.	.	PUNCT
ejge-4278	175	1	european	european	PROPN
ejge-4278	175	2	journal	journal	PROPN
ejge-4278	175	3	of	of	ADP
ejge-4278	175	4	government	government	NOUN
ejge-4278	175	5	and	and	CCONJ
ejge-4278	175	6	economics	economic	NOUN
ejge-4278	175	7	1(1	1(1	NUM
ejge-4278	175	8	)	)	PUNCT
ejge-4278	175	9	98	98	NUM
ejge-4278	175	10	as	as	SCONJ
ejge-4278	175	11	we	we	PRON
ejge-4278	175	12	centered	center	VERB
ejge-4278	175	13	on	on	ADP
ejge-4278	175	14	a	a	DET
ejge-4278	175	15	short	short	ADJ
ejge-4278	175	16	,	,	PUNCT
ejge-4278	175	17	particular	particular	ADJ
ejge-4278	175	18	period	period	NOUN
ejge-4278	175	19	of	of	ADP
ejge-4278	175	20	time	time	NOUN
ejge-4278	175	21	,	,	PUNCT
ejge-4278	175	22	the	the	DET
ejge-4278	175	23	data	datum	NOUN
ejge-4278	175	24	were	be	AUX
ejge-4278	175	25	scarce	scarce	ADJ
ejge-4278	175	26	,	,	PUNCT
ejge-4278	175	27	and	and	CCONJ
ejge-4278	175	28	such	such	ADJ
ejge-4278	175	29	paucity	paucity	NOUN
ejge-4278	175	30	limited	limit	VERB
ejge-4278	175	31	the	the	DET
ejge-4278	175	32	statistical	statistical	ADJ
ejge-4278	175	33	techniques	technique	NOUN
ejge-4278	175	34	that	that	PRON
ejge-4278	175	35	could	could	AUX
ejge-4278	175	36	be	be	AUX
ejge-4278	175	37	applied	apply	VERB
ejge-4278	175	38	.	.	PUNCT
ejge-4278	176	1	therefore	therefore	ADV
ejge-4278	176	2	,	,	PUNCT
ejge-4278	176	3	the	the	DET
ejge-4278	176	4	empirical	empirical	ADJ
ejge-4278	176	5	analysis	analysis	NOUN
ejge-4278	176	6	has	have	VERB
ejge-4278	176	7	a	a	DET
ejge-4278	176	8	number	number	NOUN
ejge-4278	176	9	of	of	ADP
ejge-4278	176	10	limitations	limitation	NOUN
ejge-4278	176	11	,	,	PUNCT
ejge-4278	176	12	and	and	CCONJ
ejge-4278	176	13	its	its	PRON
ejge-4278	176	14	conclusions	conclusion	NOUN
ejge-4278	176	15	should	should	AUX
ejge-4278	176	16	be	be	AUX
ejge-4278	176	17	interpreted	interpret	VERB
ejge-4278	176	18	with	with	ADP
ejge-4278	176	19	prudence	prudence	NOUN
ejge-4278	176	20	.	.	PUNCT
ejge-4278	177	1	even	even	ADV
ejge-4278	177	2	so	so	ADV
ejge-4278	177	3	,	,	PUNCT
ejge-4278	177	4	the	the	DET
ejge-4278	177	5	methodology	methodology	NOUN
ejge-4278	177	6	developed	develop	VERB
ejge-4278	177	7	in	in	ADP
ejge-4278	177	8	the	the	DET
ejge-4278	177	9	previous	previous	ADJ
ejge-4278	177	10	sections	section	NOUN
ejge-4278	177	11	provided	provide	VERB
ejge-4278	177	12	some	some	DET
ejge-4278	177	13	appealing	appealing	ADJ
ejge-4278	177	14	results	result	NOUN
ejge-4278	177	15	on	on	ADP
ejge-4278	177	16	the	the	DET
ejge-4278	177	17	evolution	evolution	NOUN
ejge-4278	177	18	of	of	ADP
ejge-4278	177	19	cyclical	cyclical	ADJ
ejge-4278	177	20	convergence	convergence	NOUN
ejge-4278	177	21	,	,	PUNCT
ejge-4278	177	22	and	and	CCONJ
ejge-4278	177	23	on	on	ADP
ejge-4278	177	24	the	the	DET
ejge-4278	177	25	factors	factor	NOUN
ejge-4278	177	26	that	that	PRON
ejge-4278	177	27	determined	determine	VERB
ejge-4278	177	28	such	such	ADJ
ejge-4278	177	29	evolution	evolution	NOUN
ejge-4278	177	30	.	.	PUNCT
ejge-4278	178	1	in	in	ADP
ejge-4278	178	2	particular	particular	ADJ
ejge-4278	178	3	,	,	PUNCT
ejge-4278	178	4	we	we	PRON
ejge-4278	178	5	focused	focus	VERB
ejge-4278	178	6	on	on	ADP
ejge-4278	178	7	three	three	NUM
ejge-4278	178	8	major	major	ADJ
ejge-4278	178	9	issues	issue	NOUN
ejge-4278	178	10	.	.	PUNCT
ejge-4278	179	1	first	first	ADV
ejge-4278	179	2	,	,	PUNCT
ejge-4278	179	3	we	we	PRON
ejge-4278	179	4	compared	compare	VERB
ejge-4278	179	5	synchronization	synchronization	NOUN
ejge-4278	179	6	in	in	ADP
ejge-4278	179	7	the	the	DET
ejge-4278	179	8	euro	euro	PROPN
ejge-4278	179	9	area	area	NOUN
ejge-4278	179	10	to	to	ADP
ejge-4278	179	11	international	international	ADJ
ejge-4278	179	12	developments	development	NOUN
ejge-4278	179	13	.	.	PUNCT
ejge-4278	180	1	we	we	PRON
ejge-4278	180	2	found	find	VERB
ejge-4278	180	3	that	that	SCONJ
ejge-4278	180	4	,	,	PUNCT
ejge-4278	180	5	on	on	ADP
ejge-4278	180	6	average	average	ADJ
ejge-4278	180	7	,	,	PUNCT
ejge-4278	180	8	the	the	DET
ejge-4278	180	9	cycle	cycle	NOUN
ejge-4278	180	10	of	of	ADP
ejge-4278	180	11	the	the	DET
ejge-4278	180	12	euro	euro	PROPN
ejge-4278	180	13	area	area	NOUN
ejge-4278	180	14	became	become	VERB
ejge-4278	180	15	more	more	ADV
ejge-4278	180	16	aligned	aligned	ADJ
ejge-4278	180	17	with	with	ADP
ejge-4278	180	18	the	the	DET
ejge-4278	180	19	cycles	cycle	NOUN
ejge-4278	180	20	of	of	ADP
ejge-4278	180	21	the	the	DET
ejge-4278	180	22	rest	rest	NOUN
ejge-4278	180	23	of	of	ADP
ejge-4278	180	24	the	the	DET
ejge-4278	180	25	european	european	PROPN
ejge-4278	180	26	union	union	PROPN
ejge-4278	180	27	and	and	CCONJ
ejge-4278	180	28	of	of	ADP
ejge-4278	180	29	other	other	ADJ
ejge-4278	180	30	developed	develop	VERB
ejge-4278	180	31	economies	economy	NOUN
ejge-4278	180	32	.	.	PUNCT
ejge-4278	181	1	this	this	DET
ejge-4278	181	2	result	result	NOUN
ejge-4278	181	3	supports	support	VERB
ejge-4278	181	4	the	the	DET
ejge-4278	181	5	conventional	conventional	ADJ
ejge-4278	181	6	view	view	NOUN
ejge-4278	181	7	that	that	SCONJ
ejge-4278	181	8	the	the	DET
ejge-4278	181	9	crisis	crisis	NOUN
ejge-4278	181	10	was	be	AUX
ejge-4278	181	11	activated	activate	VERB
ejge-4278	181	12	by	by	ADP
ejge-4278	181	13	common	common	ADJ
ejge-4278	181	14	financial	financial	ADJ
ejge-4278	181	15	shocks	shock	NOUN
ejge-4278	181	16	that	that	PRON
ejge-4278	181	17	propagated	propagate	VERB
ejge-4278	181	18	worldwide	worldwide	ADV
ejge-4278	181	19	along	along	ADP
ejge-4278	181	20	symmetric	symmetric	ADJ
ejge-4278	181	21	transmission	transmission	NOUN
ejge-4278	181	22	channels	channel	NOUN
ejge-4278	181	23	,	,	PUNCT
ejge-4278	181	24	leading	lead	VERB
ejge-4278	181	25	to	to	ADP
ejge-4278	181	26	growing	grow	VERB
ejge-4278	181	27	international	international	ADJ
ejge-4278	181	28	synchronization	synchronization	NOUN
ejge-4278	181	29	amongst	amongst	ADP
ejge-4278	181	30	the	the	DET
ejge-4278	181	31	developed	develop	VERB
ejge-4278	181	32	economies	economy	NOUN
ejge-4278	181	33	in	in	ADP
ejge-4278	181	34	2009	2009	NUM
ejge-4278	181	35	-	-	SYM
ejge-4278	181	36	2010	2010	NUM
ejge-4278	181	37	.	.	PUNCT
ejge-4278	182	1	within	within	ADP
ejge-4278	182	2	the	the	DET
ejge-4278	182	3	euro	euro	PROPN
ejge-4278	182	4	area	area	NOUN
ejge-4278	182	5	,	,	PUNCT
ejge-4278	182	6	however	however	ADV
ejge-4278	182	7	,	,	PUNCT
ejge-4278	182	8	member	member	NOUN
ejge-4278	182	9	states	state	NOUN
ejge-4278	182	10	gave	give	VERB
ejge-4278	182	11	the	the	DET
ejge-4278	182	12	impression	impression	NOUN
ejge-4278	182	13	of	of	ADP
ejge-4278	182	14	entering	enter	VERB
ejge-4278	182	15	into	into	ADP
ejge-4278	182	16	a	a	DET
ejge-4278	182	17	phase	phase	NOUN
ejge-4278	182	18	of	of	ADP
ejge-4278	182	19	cyclical	cyclical	ADJ
ejge-4278	182	20	divergence	divergence	NOUN
ejge-4278	182	21	.	.	PUNCT
ejge-4278	183	1	furthermore	furthermore	ADV
ejge-4278	183	2	,	,	PUNCT
ejge-4278	183	3	since	since	SCONJ
ejge-4278	183	4	2009	2009	NUM
ejge-4278	183	5	the	the	DET
ejge-4278	183	6	mean	mean	ADJ
ejge-4278	183	7	correlation	correlation	NOUN
ejge-4278	183	8	within	within	ADP
ejge-4278	183	9	the	the	DET
ejge-4278	183	10	emu	emu	PROPN
ejge-4278	183	11	is	be	AUX
ejge-4278	183	12	lower	low	ADJ
ejge-4278	183	13	than	than	ADP
ejge-4278	183	14	the	the	DET
ejge-4278	183	15	mean	mean	ADJ
ejge-4278	183	16	correlations	correlation	NOUN
ejge-4278	183	17	of	of	ADP
ejge-4278	183	18	the	the	DET
ejge-4278	183	19	area	area	NOUN
ejge-4278	183	20	with	with	ADP
ejge-4278	183	21	the	the	DET
ejge-4278	183	22	rest	rest	NOUN
ejge-4278	183	23	of	of	ADP
ejge-4278	183	24	the	the	DET
ejge-4278	183	25	european	european	PROPN
ejge-4278	183	26	union	union	PROPN
ejge-4278	183	27	and	and	CCONJ
ejge-4278	183	28	the	the	DET
ejge-4278	183	29	rest	rest	NOUN
ejge-4278	183	30	of	of	ADP
ejge-4278	183	31	the	the	DET
ejge-4278	183	32	world	world	NOUN
ejge-4278	183	33	,	,	PUNCT
ejge-4278	183	34	a	a	DET
ejge-4278	183	35	result	result	NOUN
ejge-4278	183	36	that	that	PRON
ejge-4278	183	37	challenges	challenge	VERB
ejge-4278	183	38	the	the	DET
ejge-4278	183	39	theoretical	theoretical	ADJ
ejge-4278	183	40	foundations	foundation	NOUN
ejge-4278	183	41	of	of	ADP
ejge-4278	183	42	a	a	DET
ejge-4278	183	43	currency	currency	NOUN
ejge-4278	183	44	area	area	NOUN
ejge-4278	183	45	.	.	PUNCT
ejge-4278	184	1	as	as	ADP
ejge-4278	184	2	a	a	DET
ejge-4278	184	3	consequence	consequence	NOUN
ejge-4278	184	4	,	,	PUNCT
ejge-4278	184	5	we	we	PRON
ejge-4278	184	6	concentrated	concentrate	VERB
ejge-4278	184	7	on	on	ADP
ejge-4278	184	8	investigating	investigate	VERB
ejge-4278	184	9	the	the	DET
ejge-4278	184	10	causes	cause	NOUN
ejge-4278	184	11	of	of	ADP
ejge-4278	184	12	the	the	DET
ejge-4278	184	13	intra	intra	ADJ
ejge-4278	184	14	-	-	ADJ
ejge-4278	184	15	euroarea	euroarea	NOUN
ejge-4278	184	16	performance	performance	NOUN
ejge-4278	184	17	.	.	PUNCT
ejge-4278	185	1	we	we	PRON
ejge-4278	185	2	found	find	VERB
ejge-4278	185	3	that	that	SCONJ
ejge-4278	185	4	the	the	DET
ejge-4278	185	5	cycles	cycle	NOUN
ejge-4278	185	6	of	of	ADP
ejge-4278	185	7	most	most	ADJ
ejge-4278	185	8	member	member	NOUN
ejge-4278	185	9	states	state	NOUN
ejge-4278	185	10	remained	remain	VERB
ejge-4278	185	11	closely	closely	ADV
ejge-4278	185	12	aligned	align	VERB
ejge-4278	185	13	to	to	ADP
ejge-4278	185	14	the	the	DET
ejge-4278	185	15	emu	emu	PROPN
ejge-4278	185	16	aggregate	aggregate	NOUN
ejge-4278	185	17	,	,	PUNCT
ejge-4278	185	18	while	while	SCONJ
ejge-4278	185	19	a	a	DET
ejge-4278	185	20	few	few	ADJ
ejge-4278	185	21	members	member	NOUN
ejge-4278	185	22	,	,	PUNCT
ejge-4278	185	23	namely	namely	ADV
ejge-4278	185	24	ireland	ireland	PROPN
ejge-4278	185	25	,	,	PUNCT
ejge-4278	185	26	greece	greece	PROPN
ejge-4278	185	27	,	,	PUNCT
ejge-4278	185	28	spain	spain	PROPN
ejge-4278	185	29	and	and	CCONJ
ejge-4278	185	30	portugal	portugal	PROPN
ejge-4278	185	31	,	,	PUNCT
ejge-4278	185	32	reported	report	VERB
ejge-4278	185	33	remarkable	remarkable	ADJ
ejge-4278	185	34	changes	change	NOUN
ejge-4278	185	35	in	in	ADP
ejge-4278	185	36	their	their	PRON
ejge-4278	185	37	comovements	comovement	NOUN
ejge-4278	185	38	.	.	PUNCT
ejge-4278	186	1	actually	actually	ADV
ejge-4278	186	2	,	,	PUNCT
ejge-4278	186	3	the	the	DET
ejge-4278	186	4	apparent	apparent	ADJ
ejge-4278	186	5	decline	decline	NOUN
ejge-4278	186	6	in	in	ADP
ejge-4278	186	7	the	the	DET
ejge-4278	186	8	intra	intra	ADJ
ejge-4278	186	9	-	-	ADJ
ejge-4278	186	10	euro	euro	ADJ
ejge-4278	186	11	-	-	PUNCT
ejge-4278	186	12	area	area	NOUN
ejge-4278	186	13	synchronization	synchronization	NOUN
ejge-4278	186	14	is	be	AUX
ejge-4278	186	15	mainly	mainly	ADV
ejge-4278	186	16	due	due	ADJ
ejge-4278	186	17	to	to	ADP
ejge-4278	186	18	the	the	DET
ejge-4278	186	19	contribution	contribution	NOUN
ejge-4278	186	20	of	of	ADP
ejge-4278	186	21	the	the	DET
ejge-4278	186	22	greek	greek	ADJ
ejge-4278	186	23	data	datum	NOUN
ejge-4278	186	24	.	.	PUNCT
ejge-4278	187	1	when	when	SCONJ
ejge-4278	187	2	the	the	DET
ejge-4278	187	3	sequence	sequence	NOUN
ejge-4278	187	4	of	of	ADP
ejge-4278	187	5	mean	mean	ADJ
ejge-4278	187	6	correlations	correlation	NOUN
ejge-4278	187	7	is	be	AUX
ejge-4278	187	8	computed	compute	VERB
ejge-4278	187	9	only	only	ADV
ejge-4278	187	10	with	with	ADP
ejge-4278	187	11	the	the	DET
ejge-4278	187	12	data	datum	NOUN
ejge-4278	187	13	of	of	ADP
ejge-4278	187	14	the	the	DET
ejge-4278	187	15	ten	ten	NUM
ejge-4278	187	16	other	other	ADJ
ejge-4278	187	17	member	member	NOUN
ejge-4278	187	18	states	state	NOUN
ejge-4278	187	19	,	,	PUNCT
ejge-4278	187	20	it	it	PRON
ejge-4278	187	21	displays	display	VERB
ejge-4278	187	22	no	no	DET
ejge-4278	187	23	trend	trend	NOUN
ejge-4278	187	24	along	along	ADP
ejge-4278	187	25	the	the	DET
ejge-4278	187	26	crisis	crisis	NOUN
ejge-4278	187	27	,	,	PUNCT
ejge-4278	187	28	and	and	CCONJ
ejge-4278	187	29	its	its	PRON
ejge-4278	187	30	values	value	NOUN
ejge-4278	187	31	are	be	AUX
ejge-4278	187	32	higher	high	ADJ
ejge-4278	187	33	than	than	ADP
ejge-4278	187	34	the	the	DET
ejge-4278	187	35	mean	mean	ADJ
ejge-4278	187	36	correlations	correlation	NOUN
ejge-4278	187	37	with	with	ADP
ejge-4278	187	38	the	the	DET
ejge-4278	187	39	rest	rest	NOUN
ejge-4278	187	40	of	of	ADP
ejge-4278	187	41	the	the	DET
ejge-4278	187	42	european	european	PROPN
ejge-4278	187	43	union	union	PROPN
ejge-4278	187	44	and	and	CCONJ
ejge-4278	187	45	the	the	DET
ejge-4278	187	46	rest	rest	NOUN
ejge-4278	187	47	of	of	ADP
ejge-4278	187	48	the	the	DET
ejge-4278	187	49	world	world	NOUN
ejge-4278	187	50	.	.	PUNCT
ejge-4278	188	1	this	this	DET
ejge-4278	188	2	finding	finding	NOUN
ejge-4278	188	3	confirms	confirm	VERB
ejge-4278	188	4	that	that	SCONJ
ejge-4278	188	5	large	large	ADJ
ejge-4278	188	6	symmetric	symmetric	ADJ
ejge-4278	188	7	shocks	shock	NOUN
ejge-4278	188	8	,	,	PUNCT
ejge-4278	188	9	economic	economic	ADJ
ejge-4278	188	10	integration	integration	NOUN
ejge-4278	188	11	and	and	CCONJ
ejge-4278	188	12	international	international	ADJ
ejge-4278	188	13	spillovers	spillover	NOUN
ejge-4278	188	14	resulted	result	VERB
ejge-4278	188	15	in	in	ADP
ejge-4278	188	16	higher	high	ADJ
ejge-4278	188	17	synchronization	synchronization	NOUN
ejge-4278	188	18	,	,	PUNCT
ejge-4278	188	19	both	both	PRON
ejge-4278	188	20	inside	inside	ADP
ejge-4278	188	21	the	the	DET
ejge-4278	188	22	emu	emu	PROPN
ejge-4278	188	23	and	and	CCONJ
ejge-4278	188	24	across	across	ADP
ejge-4278	188	25	the	the	DET
ejge-4278	188	26	developed	develop	VERB
ejge-4278	188	27	economies	economy	NOUN
ejge-4278	188	28	all	all	ADV
ejge-4278	188	29	through	through	ADP
ejge-4278	188	30	the	the	DET
ejge-4278	188	31	world	world	NOUN
ejge-4278	188	32	.	.	PUNCT
ejge-4278	189	1	in	in	ADP
ejge-4278	189	2	some	some	DET
ejge-4278	189	3	countries	country	NOUN
ejge-4278	189	4	,	,	PUNCT
ejge-4278	189	5	however	however	ADV
ejge-4278	189	6	,	,	PUNCT
ejge-4278	189	7	the	the	DET
ejge-4278	189	8	common	common	ADJ
ejge-4278	189	9	shocks	shock	NOUN
ejge-4278	189	10	unleashed	unleash	VERB
ejge-4278	189	11	forceful	forceful	ADJ
ejge-4278	189	12	asymmetric	asymmetric	ADJ
ejge-4278	189	13	effects	effect	NOUN
ejge-4278	189	14	that	that	PRON
ejge-4278	189	15	induced	induce	VERB
ejge-4278	189	16	quite	quite	ADV
ejge-4278	189	17	distinctive	distinctive	ADJ
ejge-4278	189	18	fluctuations	fluctuation	NOUN
ejge-4278	189	19	,	,	PUNCT
ejge-4278	189	20	and	and	CCONJ
ejge-4278	189	21	such	such	ADJ
ejge-4278	189	22	fluctuations	fluctuation	NOUN
ejge-4278	189	23	were	be	AUX
ejge-4278	189	24	influential	influential	ADJ
ejge-4278	189	25	enough	enough	ADV
ejge-4278	189	26	to	to	PART
ejge-4278	189	27	distort	distort	VERB
ejge-4278	189	28	the	the	DET
ejge-4278	189	29	general	general	ADJ
ejge-4278	189	30	measures	measure	NOUN
ejge-4278	189	31	of	of	ADP
ejge-4278	189	32	comovement	comovement	NOUN
ejge-4278	189	33	for	for	ADP
ejge-4278	189	34	the	the	DET
ejge-4278	189	35	euro	euro	NOUN
ejge-4278	189	36	as	as	ADP
ejge-4278	189	37	a	a	DET
ejge-4278	189	38	whole	whole	NOUN
ejge-4278	189	39	.	.	PUNCT
ejge-4278	190	1	finally	finally	ADV
ejge-4278	190	2	,	,	PUNCT
ejge-4278	190	3	we	we	PRON
ejge-4278	190	4	examined	examine	VERB
ejge-4278	190	5	the	the	DET
ejge-4278	190	6	possible	possible	ADJ
ejge-4278	190	7	causes	cause	NOUN
ejge-4278	190	8	of	of	ADP
ejge-4278	190	9	the	the	DET
ejge-4278	190	10	different	different	ADJ
ejge-4278	190	11	cyclical	cyclical	ADJ
ejge-4278	190	12	performances	performance	NOUN
ejge-4278	190	13	of	of	ADP
ejge-4278	190	14	the	the	DET
ejge-4278	190	15	members	member	NOUN
ejge-4278	190	16	of	of	ADP
ejge-4278	190	17	the	the	DET
ejge-4278	190	18	euro	euro	PROPN
ejge-4278	190	19	area	area	NOUN
ejge-4278	190	20	.	.	PUNCT
ejge-4278	191	1	we	we	PRON
ejge-4278	191	2	compared	compare	VERB
ejge-4278	191	3	the	the	DET
ejge-4278	191	4	correlations	correlation	NOUN
ejge-4278	191	5	between	between	ADP
ejge-4278	191	6	each	each	DET
ejge-4278	191	7	national	national	ADJ
ejge-4278	191	8	cycle	cycle	NOUN
ejge-4278	191	9	and	and	CCONJ
ejge-4278	191	10	the	the	DET
ejge-4278	191	11	emu	emu	PROPN
ejge-4278	191	12	aggregate	aggregate	VERB
ejge-4278	191	13	in	in	ADP
ejge-4278	191	14	2011:4	2011:4	NUM
ejge-4278	191	15	and	and	CCONJ
ejge-4278	191	16	2007:3	2007:3	NUM
ejge-4278	191	17	,	,	PUNCT
ejge-4278	191	18	and	and	CCONJ
ejge-4278	191	19	appraised	appraise	VERB
ejge-4278	191	20	to	to	ADP
ejge-4278	191	21	what	what	DET
ejge-4278	191	22	extent	extent	NOUN
ejge-4278	191	23	the	the	DET
ejge-4278	191	24	observed	observed	ADJ
ejge-4278	191	25	variation	variation	NOUN
ejge-4278	191	26	could	could	AUX
ejge-4278	191	27	be	be	AUX
ejge-4278	191	28	explained	explain	VERB
ejge-4278	191	29	by	by	ADP
ejge-4278	191	30	a	a	DET
ejge-4278	191	31	variety	variety	NOUN
ejge-4278	191	32	of	of	ADP
ejge-4278	191	33	potential	potential	ADJ
ejge-4278	191	34	determinants	determinant	NOUN
ejge-4278	191	35	.	.	PUNCT
ejge-4278	192	1	most	most	ADJ
ejge-4278	192	2	indicators	indicator	NOUN
ejge-4278	192	3	referred	refer	VERB
ejge-4278	192	4	to	to	ADP
ejge-4278	192	5	2007	2007	NUM
ejge-4278	192	6	or	or	CCONJ
ejge-4278	192	7	the	the	DET
ejge-4278	192	8	period	period	NOUN
ejge-4278	192	9	2005	2005	NUM
ejge-4278	192	10	-	-	SYM
ejge-4278	192	11	2007	2007	NUM
ejge-4278	192	12	,	,	PUNCT
ejge-4278	192	13	to	to	PART
ejge-4278	192	14	assess	assess	VERB
ejge-4278	192	15	whether	whether	SCONJ
ejge-4278	192	16	the	the	DET
ejge-4278	192	17	factors	factor	NOUN
ejge-4278	192	18	that	that	PRON
ejge-4278	192	19	led	lead	VERB
ejge-4278	192	20	to	to	ADP
ejge-4278	192	21	changes	change	NOUN
ejge-4278	192	22	in	in	ADP
ejge-4278	192	23	the	the	DET
ejge-4278	192	24	output	output	NOUN
ejge-4278	192	25	comovements	comovement	NOUN
ejge-4278	192	26	in	in	ADP
ejge-4278	192	27	the	the	DET
ejge-4278	192	28	course	course	NOUN
ejge-4278	192	29	of	of	ADP
ejge-4278	192	30	the	the	DET
ejge-4278	192	31	crisis	crisis	NOUN
ejge-4278	192	32	were	be	AUX
ejge-4278	192	33	already	already	ADV
ejge-4278	192	34	latent	latent	ADJ
ejge-4278	192	35	before	before	ADP
ejge-4278	192	36	its	its	PRON
ejge-4278	192	37	inception	inception	NOUN
ejge-4278	192	38	.	.	PUNCT
ejge-4278	193	1	for	for	ADP
ejge-4278	193	2	the	the	DET
ejge-4278	193	3	largest	large	ADJ
ejge-4278	193	4	part	part	NOUN
ejge-4278	193	5	of	of	ADP
ejge-4278	193	6	members	member	NOUN
ejge-4278	193	7	,	,	PUNCT
ejge-4278	193	8	the	the	DET
ejge-4278	193	9	foundations	foundation	NOUN
ejge-4278	193	10	of	of	ADP
ejge-4278	193	11	the	the	DET
ejge-4278	193	12	change	change	NOUN
ejge-4278	193	13	in	in	ADP
ejge-4278	193	14	the	the	DET
ejge-4278	193	15	cyclical	cyclical	ADJ
ejge-4278	193	16	correlations	correlation	NOUN
ejge-4278	193	17	can	can	AUX
ejge-4278	193	18	be	be	AUX
ejge-4278	193	19	traced	trace	VERB
ejge-4278	193	20	back	back	ADV
ejge-4278	193	21	to	to	ADP
ejge-4278	193	22	2007	2007	NUM
ejge-4278	193	23	:	:	PUNCT
ejge-4278	193	24	the	the	DET
ejge-4278	193	25	position	position	NOUN
ejge-4278	193	26	of	of	ADP
ejge-4278	193	27	each	each	DET
ejge-4278	193	28	country	country	NOUN
ejge-4278	193	29	in	in	ADP
ejge-4278	193	30	terms	term	NOUN
ejge-4278	193	31	of	of	ADP
ejge-4278	193	32	its	its	PRON
ejge-4278	193	33	net	net	ADJ
ejge-4278	193	34	international	international	ADJ
ejge-4278	193	35	investment	investment	NOUN
ejge-4278	193	36	position	position	NOUN
ejge-4278	193	37	,	,	PUNCT
ejge-4278	193	38	the	the	DET
ejge-4278	193	39	level	level	NOUN
ejge-4278	193	40	of	of	ADP
ejge-4278	193	41	employment	employment	NOUN
ejge-4278	193	42	protection	protection	NOUN
ejge-4278	193	43	,	,	PUNCT
ejge-4278	193	44	competitiveness	competitiveness	NOUN
ejge-4278	193	45	developments	development	NOUN
ejge-4278	193	46	,	,	PUNCT
ejge-4278	193	47	private	private	ADJ
ejge-4278	193	48	credit	credit	NOUN
ejge-4278	193	49	dynamics	dynamic	NOUN
ejge-4278	193	50	,	,	PUNCT
ejge-4278	193	51	and	and	CCONJ
ejge-4278	193	52	current	current	ADJ
ejge-4278	193	53	account	account	NOUN
ejge-4278	193	54	balance	balance	NOUN
ejge-4278	193	55	,	,	PUNCT
ejge-4278	193	56	all	all	PRON
ejge-4278	193	57	of	of	ADP
ejge-4278	193	58	them	they	PRON
ejge-4278	193	59	are	be	AUX
ejge-4278	193	60	statistically	statistically	ADV
ejge-4278	193	61	related	relate	VERB
ejge-4278	193	62	to	to	ADP
ejge-4278	193	63	its	its	PRON
ejge-4278	193	64	cyclical	cyclical	ADJ
ejge-4278	193	65	performance	performance	NOUN
ejge-4278	193	66	in	in	ADP
ejge-4278	193	67	the	the	DET
ejge-4278	193	68	period	period	NOUN
ejge-4278	193	69	2007	2007	NUM
ejge-4278	193	70	-	-	SYM
ejge-4278	193	71	2011	2011	NUM
ejge-4278	193	72	.	.	PUNCT
ejge-4278	194	1	trade	trade	NOUN
ejge-4278	194	2	intensity	intensity	NOUN
ejge-4278	194	3	and	and	CCONJ
ejge-4278	194	4	the	the	DET
ejge-4278	194	5	private	private	ADJ
ejge-4278	194	6	sector	sector	NOUN
ejge-4278	194	7	debt	debt	NOUN
ejge-4278	194	8	in	in	ADP
ejge-4278	194	9	2007	2007	NUM
ejge-4278	194	10	were	be	AUX
ejge-4278	194	11	not	not	PART
ejge-4278	194	12	found	find	VERB
ejge-4278	194	13	to	to	PART
ejge-4278	194	14	be	be	AUX
ejge-4278	194	15	significant	significant	ADJ
ejge-4278	194	16	,	,	PUNCT
ejge-4278	194	17	although	although	SCONJ
ejge-4278	194	18	the	the	DET
ejge-4278	194	19	point	point	NOUN
ejge-4278	194	20	estimates	estimate	NOUN
ejge-4278	194	21	were	be	AUX
ejge-4278	194	22	quite	quite	ADV
ejge-4278	194	23	high	high	ADJ
ejge-4278	194	24	and	and	CCONJ
ejge-4278	194	25	had	have	VERB
ejge-4278	194	26	the	the	DET
ejge-4278	194	27	expected	expect	VERB
ejge-4278	194	28	sign	sign	NOUN
ejge-4278	194	29	.	.	PUNCT
ejge-4278	195	1	we	we	PRON
ejge-4278	195	2	also	also	ADV
ejge-4278	195	3	investigated	investigate	VERB
ejge-4278	195	4	why	why	SCONJ
ejge-4278	195	5	greece	greece	PROPN
ejge-4278	195	6	and	and	CCONJ
ejge-4278	195	7	ireland	ireland	PROPN
ejge-4278	195	8	deviated	deviate	VERB
ejge-4278	195	9	from	from	ADP
ejge-4278	195	10	the	the	DET
ejge-4278	195	11	general	general	ADJ
ejge-4278	195	12	pattern	pattern	NOUN
ejge-4278	195	13	.	.	PUNCT
ejge-4278	196	1	the	the	DET
ejge-4278	196	2	greek	greek	ADJ
ejge-4278	196	3	performance	performance	NOUN
ejge-4278	196	4	is	be	AUX
ejge-4278	196	5	the	the	DET
ejge-4278	196	6	consequence	consequence	NOUN
ejge-4278	196	7	of	of	ADP
ejge-4278	196	8	its	its	PRON
ejge-4278	196	9	loose	loose	ADJ
ejge-4278	196	10	fiscal	fiscal	ADJ
ejge-4278	196	11	policy	policy	NOUN
ejge-4278	196	12	all	all	ADV
ejge-4278	196	13	along	along	ADP
ejge-4278	196	14	the	the	DET
ejge-4278	196	15	period	period	NOUN
ejge-4278	196	16	2000	2000	NUM
ejge-4278	196	17	-	-	SYM
ejge-4278	196	18	2007	2007	NUM
ejge-4278	196	19	,	,	PUNCT
ejge-4278	196	20	that	that	PRON
ejge-4278	196	21	resulted	result	VERB
ejge-4278	196	22	in	in	ADP
ejge-4278	196	23	a	a	DET
ejge-4278	196	24	sharp	sharp	ADJ
ejge-4278	196	25	increase	increase	NOUN
ejge-4278	196	26	of	of	ADP
ejge-4278	196	27	the	the	DET
ejge-4278	196	28	public	public	ADJ
ejge-4278	196	29	debt	debt	NOUN
ejge-4278	196	30	.	.	PUNCT
ejge-4278	197	1	the	the	DET
ejge-4278	197	2	irish	irish	PROPN
ejge-4278	197	3	recoupling	recoupling	NOUN
ejge-4278	197	4	appears	appear	VERB
ejge-4278	197	5	to	to	PART
ejge-4278	197	6	be	be	AUX
ejge-4278	197	7	explained	explain	VERB
ejge-4278	197	8	by	by	ADP
ejge-4278	197	9	the	the	DET
ejge-4278	197	10	high	high	ADJ
ejge-4278	197	11	flexibility	flexibility	NOUN
ejge-4278	197	12	of	of	ADP
ejge-4278	197	13	its	its	PRON
ejge-4278	197	14	labor	labor	NOUN
ejge-4278	197	15	market	market	NOUN
ejge-4278	197	16	,	,	PUNCT
ejge-4278	197	17	that	that	PRON
ejge-4278	197	18	allowed	allow	VERB
ejge-4278	197	19	market	market	NOUN
ejge-4278	197	20	forces	force	NOUN
ejge-4278	197	21	to	to	PART
ejge-4278	197	22	play	play	VERB
ejge-4278	197	23	a	a	DET
ejge-4278	197	24	leading	lead	VERB
ejge-4278	197	25	role	role	NOUN
ejge-4278	197	26	in	in	ADP
ejge-4278	197	27	the	the	DET
ejge-4278	197	28	adjustment	adjustment	NOUN
ejge-4278	197	29	process	process	NOUN
ejge-4278	197	30	.	.	PUNCT
ejge-4278	198	1	their	their	PRON
ejge-4278	198	2	contribution	contribution	NOUN
ejge-4278	198	3	compensated	compensate	VERB
ejge-4278	198	4	the	the	DET
ejge-4278	198	5	adverse	adverse	ADJ
ejge-4278	198	6	starting	starting	NOUN
ejge-4278	198	7	conditions	condition	NOUN
ejge-4278	198	8	induced	induce	VERB
ejge-4278	198	9	by	by	ADP
ejge-4278	198	10	the	the	DET
ejge-4278	198	11	excessive	excessive	ADJ
ejge-4278	198	12	european	european	PROPN
ejge-4278	198	13	journal	journal	PROPN
ejge-4278	198	14	of	of	ADP
ejge-4278	198	15	government	government	NOUN
ejge-4278	198	16	and	and	CCONJ
ejge-4278	198	17	economics	economic	NOUN
ejge-4278	198	18	1(1	1(1	NUM
ejge-4278	198	19	)	)	PUNCT
ejge-4278	198	20	99	99	NUM
ejge-4278	198	21	private	private	ADJ
ejge-4278	198	22	demand	demand	NOUN
ejge-4278	198	23	in	in	ADP
ejge-4278	198	24	2007	2007	NUM
ejge-4278	198	25	,	,	PUNCT
ejge-4278	198	26	and	and	CCONJ
ejge-4278	198	27	helped	help	VERB
ejge-4278	198	28	to	to	PART
ejge-4278	198	29	offset	offset	VERB
ejge-4278	198	30	more	more	ADV
ejge-4278	198	31	rapidly	rapidly	ADV
ejge-4278	198	32	the	the	DET
ejge-4278	198	33	shocks	shock	NOUN
ejge-4278	198	34	that	that	PRON
ejge-4278	198	35	hit	hit	VERB
ejge-4278	198	36	the	the	DET
ejge-4278	198	37	euro	euro	PROPN
ejge-4278	198	38	area	area	NOUN
ejge-4278	198	39	.	.	PUNCT
ejge-4278	199	1	the	the	DET
ejge-4278	199	2	major	major	ADJ
ejge-4278	199	3	policy	policy	NOUN
ejge-4278	199	4	implication	implication	NOUN
ejge-4278	199	5	stemming	stem	VERB
ejge-4278	199	6	from	from	ADP
ejge-4278	199	7	our	our	PRON
ejge-4278	199	8	work	work	NOUN
ejge-4278	199	9	is	be	AUX
ejge-4278	199	10	the	the	DET
ejge-4278	199	11	need	need	NOUN
ejge-4278	199	12	that	that	PRON
ejge-4278	199	13	national	national	ADJ
ejge-4278	199	14	authorities	authority	NOUN
ejge-4278	199	15	maintain	maintain	VERB
ejge-4278	199	16	policy	policy	NOUN
ejge-4278	199	17	discipline	discipline	NOUN
ejge-4278	199	18	,	,	PUNCT
ejge-4278	199	19	not	not	PART
ejge-4278	199	20	only	only	ADV
ejge-4278	199	21	in	in	ADP
ejge-4278	199	22	the	the	DET
ejge-4278	199	23	current	current	ADJ
ejge-4278	199	24	particular	particular	ADJ
ejge-4278	199	25	circumstances	circumstance	NOUN
ejge-4278	199	26	,	,	PUNCT
ejge-4278	199	27	but	but	CCONJ
ejge-4278	199	28	also	also	ADV
ejge-4278	199	29	as	as	ADP
ejge-4278	199	30	a	a	DET
ejge-4278	199	31	general	general	ADJ
ejge-4278	199	32	rule	rule	NOUN
ejge-4278	199	33	.	.	PUNCT
ejge-4278	200	1	whatever	whatever	DET
ejge-4278	200	2	indicator	indicator	NOUN
ejge-4278	200	3	is	be	AUX
ejge-4278	200	4	considered	consider	VERB
ejge-4278	200	5	,	,	PUNCT
ejge-4278	200	6	we	we	PRON
ejge-4278	200	7	showed	show	VERB
ejge-4278	200	8	that	that	SCONJ
ejge-4278	200	9	most	most	ADJ
ejge-4278	200	10	overheating	overheating	ADJ
ejge-4278	200	11	countries	country	NOUN
ejge-4278	200	12	in	in	ADP
ejge-4278	200	13	2007	2007	NUM
ejge-4278	200	14	decoupled	decouple	VERB
ejge-4278	200	15	from	from	ADP
ejge-4278	200	16	the	the	DET
ejge-4278	200	17	euro	euro	PROPN
ejge-4278	200	18	area	area	NOUN
ejge-4278	200	19	cycle	cycle	NOUN
ejge-4278	200	20	in	in	ADP
ejge-4278	200	21	the	the	DET
ejge-4278	200	22	following	following	ADJ
ejge-4278	200	23	years	year	NOUN
ejge-4278	200	24	,	,	PUNCT
ejge-4278	200	25	with	with	ADP
ejge-4278	200	26	the	the	DET
ejge-4278	200	27	consequence	consequence	NOUN
ejge-4278	200	28	that	that	SCONJ
ejge-4278	200	29	the	the	DET
ejge-4278	200	30	single	single	ADJ
ejge-4278	200	31	monetary	monetary	ADJ
ejge-4278	200	32	and	and	CCONJ
ejge-4278	200	33	exchange	exchange	NOUN
ejge-4278	200	34	rate	rate	NOUN
ejge-4278	200	35	policies	policy	NOUN
ejge-4278	200	36	became	become	VERB
ejge-4278	200	37	exceedingly	exceedingly	ADV
ejge-4278	200	38	costly	costly	ADJ
ejge-4278	200	39	for	for	ADP
ejge-4278	200	40	the	the	DET
ejge-4278	200	41	member	member	NOUN
ejge-4278	200	42	states	state	NOUN
ejge-4278	200	43	that	that	PRON
ejge-4278	200	44	reported	report	VERB
ejge-4278	200	45	large	large	ADJ
ejge-4278	200	46	positive	positive	ADJ
ejge-4278	200	47	output	output	NOUN
ejge-4278	200	48	gaps	gap	NOUN
ejge-4278	200	49	before	before	ADP
ejge-4278	200	50	the	the	DET
ejge-4278	200	51	crisis	crisis	NOUN
ejge-4278	200	52	.	.	PUNCT
ejge-4278	201	1	endogenous	endogenous	ADJ
ejge-4278	201	2	synchronization	synchronization	NOUN
ejge-4278	201	3	was	be	AUX
ejge-4278	201	4	not	not	PART
ejge-4278	201	5	powerful	powerful	ADJ
ejge-4278	201	6	enough	enough	ADV
ejge-4278	201	7	to	to	ADP
ejge-4278	201	8	coping	cope	VERB
ejge-4278	201	9	with	with	ADP
ejge-4278	201	10	the	the	DET
ejge-4278	201	11	accumulated	accumulate	VERB
ejge-4278	201	12	national	national	ADJ
ejge-4278	201	13	disequilibria	disequilibria	NOUN
ejge-4278	201	14	.	.	PUNCT
ejge-4278	202	1	this	this	DET
ejge-4278	202	2	task	task	NOUN
ejge-4278	202	3	has	have	VERB
ejge-4278	202	4	to	to	PART
ejge-4278	202	5	be	be	AUX
ejge-4278	202	6	tackled	tackle	VERB
ejge-4278	202	7	by	by	ADP
ejge-4278	202	8	national	national	ADJ
ejge-4278	202	9	macroeconomic	macroeconomic	ADJ
ejge-4278	202	10	policies	policy	NOUN
ejge-4278	202	11	,	,	PUNCT
ejge-4278	202	12	that	that	PRON
ejge-4278	202	13	should	should	AUX
ejge-4278	202	14	avoid	avoid	VERB
ejge-4278	202	15	discretionary	discretionary	ADJ
ejge-4278	202	16	pro	pro	ADJ
ejge-4278	202	17	-	-	ADJ
ejge-4278	202	18	cyclical	cyclical	ADJ
ejge-4278	202	19	biases	bias	NOUN
ejge-4278	202	20	that	that	PRON
ejge-4278	202	21	fuel	fuel	VERB
ejge-4278	202	22	internal	internal	ADJ
ejge-4278	202	23	imbalances	imbalance	NOUN
ejge-4278	202	24	.	.	PUNCT
ejge-4278	203	1	references	reference	NOUN
ejge-4278	203	2	altavilla	altavilla	PROPN
ejge-4278	203	3	,	,	PUNCT
ejge-4278	203	4	carlo	carlo	PROPN
ejge-4278	203	5	(	(	PUNCT
ejge-4278	203	6	2004	2004	NUM
ejge-4278	203	7	)	)	PUNCT
ejge-4278	203	8	‘	'	PUNCT
ejge-4278	203	9	do	do	AUX
ejge-4278	203	10	emu	emu	PROPN
ejge-4278	203	11	members	member	NOUN
ejge-4278	203	12	share	share	VERB
ejge-4278	203	13	the	the	DET
ejge-4278	203	14	same	same	ADJ
ejge-4278	203	15	business	business	NOUN
ejge-4278	203	16	cycle	cycle	NOUN
ejge-4278	203	17	?	?	PUNCT
ejge-4278	203	18	’	'	PUNCT
ejge-4278	203	19	,	,	PUNCT
ejge-4278	203	20	journal	journal	NOUN
ejge-4278	203	21	of	of	ADP
ejge-4278	203	22	common	common	ADJ
ejge-4278	203	23	market	market	NOUN
ejge-4278	203	24	studies	study	NOUN
ejge-4278	203	25	42(5	42(5	NOUN
ejge-4278	203	26	):	):	PUNCT
ejge-4278	203	27	869	869	NUM
ejge-4278	203	28	-	-	SYM
ejge-4278	203	29	896	896	NUM
ejge-4278	203	30	.	.	PUNCT
ejge-4278	204	1	artis	artis	PROPN
ejge-4278	204	2	,	,	PUNCT
ejge-4278	204	3	michael	michael	PROPN
ejge-4278	204	4	.	.	PUNCT
ejge-4278	205	1	(	(	PUNCT
ejge-4278	205	2	2003	2003	NUM
ejge-4278	205	3	)	)	PUNCT
ejge-4278	205	4	‘	'	PUNCT
ejge-4278	205	5	is	be	AUX
ejge-4278	205	6	there	there	PRON
ejge-4278	205	7	a	a	DET
ejge-4278	205	8	european	european	ADJ
ejge-4278	205	9	business	business	NOUN
ejge-4278	205	10	cycle	cycle	NOUN
ejge-4278	205	11	?	?	PUNCT
ejge-4278	205	12	’	'	PUNCT
ejge-4278	205	13	,	,	PUNCT
ejge-4278	205	14	cesifo	cesifo	PROPN
ejge-4278	205	15	working	work	VERB
ejge-4278	205	16	paper	paper	NOUN
ejge-4278	205	17	no	no	INTJ
ejge-4278	205	18	.	.	PROPN
ejge-4278	205	19	1053	1053	NUM
ejge-4278	205	20	.	.	PUNCT
ejge-4278	206	1	artis	artis	PROPN
ejge-4278	206	2	,	,	PUNCT
ejge-4278	206	3	michael	michael	PROPN
ejge-4278	206	4	.	.	PROPN
ejge-4278	206	5	,	,	PUNCT
ejge-4278	206	6	jarko	jarko	PROPN
ejge-4278	206	7	fidrmuc	fidrmuc	PROPN
ejge-4278	206	8	and	and	CCONJ
ejge-4278	206	9	johann	johann	PROPN
ejge-4278	206	10	scharler	scharler	PROPN
ejge-4278	206	11	(	(	PUNCT
ejge-4278	206	12	2008	2008	NUM
ejge-4278	206	13	)	)	PUNCT
ejge-4278	206	14	‘	'	PUNCT
ejge-4278	206	15	the	the	DET
ejge-4278	206	16	transmission	transmission	NOUN
ejge-4278	206	17	of	of	ADP
ejge-4278	206	18	business	business	NOUN
ejge-4278	206	19	cycles	cycle	NOUN
ejge-4278	206	20	.	.	PUNCT
ejge-4278	207	1	implications	implication	NOUN
ejge-4278	207	2	for	for	ADP
ejge-4278	207	3	emu	emu	PROPN
ejge-4278	207	4	enlargement	enlargement	NOUN
ejge-4278	207	5	’	'	PUNCT
ejge-4278	207	6	,	,	PUNCT
ejge-4278	207	7	economics	economic	NOUN
ejge-4278	207	8	of	of	ADP
ejge-4278	207	9	transition	transition	NOUN
ejge-4278	207	10	16(3	16(3	PROPN
ejge-4278	207	11	):	):	PUNCT
ejge-4278	207	12	559	559	NUM
ejge-4278	207	13	-	-	SYM
ejge-4278	207	14	582	582	NUM
ejge-4278	207	15	.	.	PUNCT
ejge-4278	208	1	baxter	baxter	PROPN
ejge-4278	208	2	,	,	PUNCT
ejge-4278	208	3	marianne	marianne	PROPN
ejge-4278	208	4	and	and	CCONJ
ejge-4278	208	5	robert	robert	PROPN
ejge-4278	208	6	g.	g.	PROPN
ejge-4278	208	7	king	king	PROPN
ejge-4278	208	8	(	(	PUNCT
ejge-4278	208	9	1999	1999	NUM
ejge-4278	208	10	)	)	PUNCT
ejge-4278	208	11	‘	'	PUNCT
ejge-4278	208	12	measuring	measure	VERB
ejge-4278	208	13	business	business	NOUN
ejge-4278	208	14	cycles	cycle	NOUN
ejge-4278	208	15	:	:	PUNCT
ejge-4278	208	16	approximate	approximate	ADJ
ejge-4278	208	17	band	band	NOUN
ejge-4278	208	18	-	-	PUNCT
ejge-4278	208	19	pass	pass	VERB
ejge-4278	208	20	filters	filter	NOUN
ejge-4278	208	21	for	for	ADP
ejge-4278	208	22	economic	economic	ADJ
ejge-4278	208	23	time	time	NOUN
ejge-4278	208	24	series	series	PROPN
ejge-4278	208	25	’	'	PUNCT
ejge-4278	208	26	,	,	PUNCT
ejge-4278	208	27	review	review	NOUN
ejge-4278	208	28	of	of	ADP
ejge-4278	208	29	economics	economic	NOUN
ejge-4278	208	30	and	and	CCONJ
ejge-4278	208	31	statistics	statistic	NOUN
ejge-4278	208	32	81(4	81(4	NUM
ejge-4278	208	33	):	):	PUNCT
ejge-4278	208	34	575	575	NUM
ejge-4278	208	35	-	-	SYM
ejge-4278	208	36	593	593	NUM
ejge-4278	208	37	.	.	PUNCT
ejge-4278	209	1	christiano	christiano	PROPN
ejge-4278	209	2	,	,	PUNCT
ejge-4278	209	3	lawrence	lawrence	PROPN
ejge-4278	209	4	and	and	CCONJ
ejge-4278	209	5	terry	terry	PROPN
ejge-4278	209	6	j.	j.	PROPN
ejge-4278	209	7	fitzgerald	fitzgerald	PROPN
ejge-4278	209	8	(	(	PUNCT
ejge-4278	209	9	2003	2003	NUM
ejge-4278	209	10	)	)	PUNCT
ejge-4278	209	11	‘	'	PUNCT
ejge-4278	209	12	the	the	DET
ejge-4278	209	13	band	band	NOUN
ejge-4278	209	14	pass	pass	NOUN
ejge-4278	209	15	filter	filter	NOUN
ejge-4278	209	16	’	'	PUNCT
ejge-4278	209	17	,	,	PUNCT
ejge-4278	209	18	international	international	ADJ
ejge-4278	209	19	economic	economic	ADJ
ejge-4278	209	20	review	review	NOUN
ejge-4278	209	21	44(2	44(2	NOUN
ejge-4278	209	22	):	):	PUNCT
ejge-4278	209	23	435	435	NUM
ejge-4278	209	24	-	-	SYM
ejge-4278	209	25	465	465	NUM
ejge-4278	209	26	.	.	PUNCT
ejge-4278	210	1	de	de	X
ejge-4278	210	2	grauwe	grauwe	PROPN
ejge-4278	210	3	,	,	PUNCT
ejge-4278	210	4	paul	paul	PROPN
ejge-4278	210	5	and	and	CCONJ
ejge-4278	210	6	francesco	francesco	PROPN
ejge-4278	210	7	p.	p.	PROPN
ejge-4278	210	8	mongelli	mongelli	PROPN
ejge-4278	210	9	(	(	PUNCT
ejge-4278	210	10	2005	2005	NUM
ejge-4278	210	11	)	)	PUNCT
ejge-4278	210	12	‘	'	PUNCT
ejge-4278	210	13	endogeneities	endogeneitie	NOUN
ejge-4278	210	14	of	of	ADP
ejge-4278	210	15	optimum	optimum	ADJ
ejge-4278	210	16	currency	currency	NOUN
ejge-4278	210	17	areas	area	NOUN
ejge-4278	210	18	:	:	PUNCT
ejge-4278	210	19	what	what	PRON
ejge-4278	210	20	brings	bring	VERB
ejge-4278	210	21	countries	country	NOUN
ejge-4278	210	22	sharing	share	VERB
ejge-4278	210	23	a	a	DET
ejge-4278	210	24	single	single	ADJ
ejge-4278	210	25	currency	currency	NOUN
ejge-4278	210	26	closer	close	ADV
ejge-4278	210	27	together	together	ADV
ejge-4278	210	28	?	?	PUNCT
ejge-4278	210	29	’	'	PUNCT
ejge-4278	210	30	,	,	PUNCT
ejge-4278	210	31	working	work	VERB
ejge-4278	210	32	paper	paper	NOUN
ejge-4278	210	33	series	series	PROPN
ejge-4278	210	34	no	no	PROPN
ejge-4278	210	35	.	.	PROPN
ejge-4278	210	36	468	468	NUM
ejge-4278	210	37	,	,	PUNCT
ejge-4278	210	38	european	european	PROPN
ejge-4278	210	39	central	central	PROPN
ejge-4278	210	40	bank	bank	PROPN
ejge-4278	210	41	.	.	PUNCT
ejge-4278	211	1	de	de	PROPN
ejge-4278	211	2	haan	haan	PROPN
ejge-4278	211	3	,	,	PUNCT
ejge-4278	211	4	jakob	jakob	PROPN
ejge-4278	211	5	,	,	PUNCT
ejge-4278	211	6	robert	robert	PROPN
ejge-4278	211	7	inklaar	inklaar	PROPN
ejge-4278	211	8	and	and	CCONJ
ejge-4278	211	9	richard	richard	PROPN
ejge-4278	211	10	jong	jong	PROPN
ejge-4278	211	11	-	-	PUNCT
ejge-4278	211	12	a	a	DET
ejge-4278	211	13	-	-	PUNCT
ejge-4278	211	14	pin	pin	NOUN
ejge-4278	211	15	(	(	PUNCT
ejge-4278	211	16	2008	2008	NUM
ejge-4278	211	17	):	):	PUNCT
ejge-4278	211	18	‘	'	PUNCT
ejge-4278	211	19	will	will	AUX
ejge-4278	211	20	business	business	NOUN
ejge-4278	211	21	cycles	cycle	NOUN
ejge-4278	211	22	in	in	ADP
ejge-4278	211	23	the	the	DET
ejge-4278	211	24	euro	euro	NOUN
ejge-4278	211	25	area	area	NOUN
ejge-4278	211	26	converge	converge	VERB
ejge-4278	211	27	?	?	PUNCT
ejge-4278	212	1	a	a	DET
ejge-4278	212	2	critical	critical	ADJ
ejge-4278	212	3	survey	survey	NOUN
ejge-4278	212	4	of	of	ADP
ejge-4278	212	5	empirical	empirical	ADJ
ejge-4278	212	6	research	research	NOUN
ejge-4278	212	7	’	'	PUNCT
ejge-4278	212	8	,	,	PUNCT
ejge-4278	212	9	journal	journal	NOUN
ejge-4278	212	10	of	of	ADP
ejge-4278	212	11	economic	economic	ADJ
ejge-4278	212	12	surveys	survey	NOUN
ejge-4278	212	13	22(2	22(2	NUM
ejge-4278	212	14	):	):	PUNCT
ejge-4278	212	15	234	234	NUM
ejge-4278	212	16	-	-	SYM
ejge-4278	212	17	273	273	NUM
ejge-4278	212	18	.	.	PUNCT
ejge-4278	213	1	dees	dee	NOUN
ejge-4278	213	2	,	,	PUNCT
ejge-4278	213	3	stéphane	stéphane	NOUN
ejge-4278	213	4	and	and	CCONJ
ejge-4278	213	5	nico	nico	PROPN
ejge-4278	213	6	zorelli	zorelli	PROPN
ejge-4278	213	7	(	(	PUNCT
ejge-4278	213	8	2011	2011	NUM
ejge-4278	213	9	)	)	PUNCT
ejge-4278	213	10	‘	'	PUNCT
ejge-4278	213	11	business	business	NOUN
ejge-4278	213	12	cycle	cycle	NOUN
ejge-4278	213	13	synchronisation	synchronisation	NOUN
ejge-4278	213	14	.	.	PUNCT
ejge-4278	214	1	disentangling	disentangle	VERB
ejge-4278	214	2	trade	trade	NOUN
ejge-4278	214	3	and	and	CCONJ
ejge-4278	214	4	financial	financial	ADJ
ejge-4278	214	5	linkages	linkage	NOUN
ejge-4278	214	6	’	'	PUNCT
ejge-4278	214	7	,	,	PUNCT
ejge-4278	214	8	working	work	VERB
ejge-4278	214	9	paper	paper	NOUN
ejge-4278	214	10	series	series	PROPN
ejge-4278	214	11	no	no	PROPN
ejge-4278	214	12	.	.	PROPN
ejge-4278	214	13	1322	1322	NUM
ejge-4278	214	14	,	,	PUNCT
ejge-4278	214	15	european	european	PROPN
ejge-4278	214	16	central	central	PROPN
ejge-4278	214	17	bank	bank	PROPN
ejge-4278	214	18	.	.	PUNCT
ejge-4278	215	1	einchengreen	einchengreen	PROPN
ejge-4278	215	2	,	,	PUNCT
ejge-4278	215	3	barry	barry	PROPN
ejge-4278	215	4	(	(	PUNCT
ejge-4278	215	5	1990	1990	NUM
ejge-4278	215	6	)	)	PUNCT
ejge-4278	215	7	‘	'	PUNCT
ejge-4278	215	8	one	one	NUM
ejge-4278	215	9	money	money	NOUN
ejge-4278	215	10	for	for	ADP
ejge-4278	215	11	europe	europe	PROPN
ejge-4278	215	12	?	?	PUNCT
ejge-4278	216	1	lessons	lesson	NOUN
ejge-4278	216	2	from	from	ADP
ejge-4278	216	3	the	the	DET
ejge-4278	216	4	us	us	PROPN
ejge-4278	216	5	currency	currency	NOUN
ejge-4278	216	6	union	union	PROPN
ejge-4278	216	7	’	'	PUNCT
ejge-4278	216	8	,	,	PUNCT
ejge-4278	216	9	economic	economic	ADJ
ejge-4278	216	10	policy	policy	NOUN
ejge-4278	216	11	5(1	5(1	NUM
ejge-4278	216	12	):	):	PUNCT
ejge-4278	216	13	117	117	NUM
ejge-4278	216	14	-	-	SYM
ejge-4278	216	15	187	187	NUM
ejge-4278	216	16	.	.	PUNCT
ejge-4278	217	1	eichengreen	eichengreen	NOUN
ejge-4278	217	2	,	,	PUNCT
ejge-4278	217	3	barry	barry	PROPN
ejge-4278	217	4	(	(	PUNCT
ejge-4278	217	5	1993	1993	NUM
ejge-4278	217	6	)	)	PUNCT
ejge-4278	218	1	‘	'	PUNCT
ejge-4278	218	2	european	european	ADJ
ejge-4278	218	3	monetary	monetary	ADJ
ejge-4278	218	4	unification	unification	NOUN
ejge-4278	218	5	’	'	PUNCT
ejge-4278	218	6	,	,	PUNCT
ejge-4278	218	7	journal	journal	NOUN
ejge-4278	218	8	of	of	ADP
ejge-4278	218	9	economic	economic	PROPN
ejge-4278	218	10	literature	literature	PROPN
ejge-4278	218	11	31(3	31(3	NUM
ejge-4278	218	12	):	):	PUNCT
ejge-4278	218	13	1321	1321	NUM
ejge-4278	218	14	-	-	SYM
ejge-4278	218	15	1357	1357	NUM
ejge-4278	218	16	.	.	PUNCT
ejge-4278	219	1	european	european	PROPN
ejge-4278	219	2	commission	commission	PROPN
ejge-4278	219	3	(	(	PUNCT
ejge-4278	219	4	2004	2004	NUM
ejge-4278	219	5	)	)	PUNCT
ejge-4278	219	6	‘	'	PUNCT
ejge-4278	219	7	cyclical	cyclical	ADJ
ejge-4278	219	8	convergence	convergence	NOUN
ejge-4278	219	9	in	in	ADP
ejge-4278	219	10	the	the	DET
ejge-4278	219	11	euro	euro	PROPN
ejge-4278	219	12	area	area	NOUN
ejge-4278	219	13	:	:	PUNCT
ejge-4278	219	14	recent	recent	ADJ
ejge-4278	219	15	developments	development	NOUN
ejge-4278	219	16	and	and	CCONJ
ejge-4278	219	17	policy	policy	NOUN
ejge-4278	219	18	implications	implication	NOUN
ejge-4278	219	19	’	'	PUNCT
ejge-4278	219	20	,	,	PUNCT
ejge-4278	219	21	quarterly	quarterly	ADJ
ejge-4278	219	22	report	report	NOUN
ejge-4278	219	23	on	on	ADP
ejge-4278	219	24	the	the	DET
ejge-4278	219	25	euro	euro	PROPN
ejge-4278	219	26	area	area	NOUN
ejge-4278	219	27	3(2	3(2	NUM
ejge-4278	219	28	):	):	PUNCT
ejge-4278	219	29	2738	2738	NUM
ejge-4278	219	30	.	.	PUNCT
ejge-4278	220	1	european	european	PROPN
ejge-4278	220	2	commission	commission	PROPN
ejge-4278	220	3	(	(	PUNCT
ejge-4278	220	4	2005	2005	NUM
ejge-4278	220	5	)	)	PUNCT
ejge-4278	220	6	‘	'	PUNCT
ejge-4278	220	7	growth	growth	NOUN
ejge-4278	220	8	differences	difference	NOUN
ejge-4278	220	9	in	in	ADP
ejge-4278	220	10	the	the	DET
ejge-4278	220	11	euro	euro	PROPN
ejge-4278	220	12	area	area	NOUN
ejge-4278	220	13	’	'	PUNCT
ejge-4278	220	14	,	,	PUNCT
ejge-4278	220	15	quarterly	quarterly	ADJ
ejge-4278	220	16	report	report	NOUN
ejge-4278	220	17	on	on	ADP
ejge-4278	220	18	the	the	DET
ejge-4278	220	19	euro	euro	PROPN
ejge-4278	220	20	area	area	NOUN
ejge-4278	220	21	4(2	4(2	NUM
ejge-4278	220	22	):	):	PUNCT
ejge-4278	220	23	19	19	NUM
ejge-4278	220	24	-	-	SYM
ejge-4278	220	25	29	29	NUM
ejge-4278	220	26	.	.	PUNCT
ejge-4278	221	1	european	european	PROPN
ejge-4278	221	2	commission	commission	PROPN
ejge-4278	221	3	(	(	PUNCT
ejge-4278	221	4	2006	2006	NUM
ejge-4278	221	5	)	)	PUNCT
ejge-4278	221	6	‘	'	PUNCT
ejge-4278	221	7	cyclical	cyclical	ADJ
ejge-4278	221	8	synchronisation	synchronisation	NOUN
ejge-4278	221	9	within	within	ADP
ejge-4278	221	10	the	the	DET
ejge-4278	221	11	euro	euro	PROPN
ejge-4278	221	12	area	area	NOUN
ejge-4278	221	13	:	:	PUNCT
ejge-4278	221	14	what	what	PRON
ejge-4278	221	15	do	do	AUX
ejge-4278	221	16	recent	recent	ADJ
ejge-4278	221	17	data	datum	NOUN
ejge-4278	221	18	tell	tell	VERB
ejge-4278	221	19	us	we	PRON
ejge-4278	221	20	?	?	PUNCT
ejge-4278	221	21	’	'	PUNCT
ejge-4278	221	22	,	,	PUNCT
ejge-4278	221	23	quarterly	quarterly	ADJ
ejge-4278	221	24	report	report	NOUN
ejge-4278	221	25	on	on	ADP
ejge-4278	221	26	the	the	DET
ejge-4278	221	27	euro	euro	PROPN
ejge-4278	221	28	area	area	NOUN
ejge-4278	221	29	5(2	5(2	NUM
ejge-4278	221	30	):	):	PUNCT
ejge-4278	221	31	19	19	NUM
ejge-4278	221	32	-	-	SYM
ejge-4278	221	33	24	24	NUM
ejge-4278	221	34	.	.	PUNCT
ejge-4278	222	1	european	european	PROPN
ejge-4278	222	2	commission	commission	PROPN
ejge-4278	222	3	(	(	PUNCT
ejge-4278	222	4	2010	2010	NUM
ejge-4278	222	5	)	)	PUNCT
ejge-4278	222	6	‘	'	PUNCT
ejge-4278	222	7	how	how	SCONJ
ejge-4278	222	8	has	have	AUX
ejge-4278	222	9	the	the	DET
ejge-4278	222	10	financial	financial	ADJ
ejge-4278	222	11	crisis	crisis	NOUN
ejge-4278	222	12	affected	affect	VERB
ejge-4278	222	13	cyclical	cyclical	ADJ
ejge-4278	222	14	differences	difference	NOUN
ejge-4278	222	15	within	within	ADP
ejge-4278	222	16	the	the	DET
ejge-4278	222	17	euro	euro	NOUN
ejge-4278	222	18	area	area	NOUN
ejge-4278	222	19	?	?	PUNCT
ejge-4278	222	20	’	'	PUNCT
ejge-4278	222	21	,	,	PUNCT
ejge-4278	222	22	quarterly	quarterly	ADJ
ejge-4278	222	23	report	report	NOUN
ejge-4278	222	24	on	on	ADP
ejge-4278	222	25	the	the	DET
ejge-4278	222	26	euro	euro	PROPN
ejge-4278	222	27	area	area	NOUN
ejge-4278	222	28	9(2	9(2	NUM
ejge-4278	222	29	):	):	PUNCT
ejge-4278	222	30	25	25	NUM
ejge-4278	222	31	-	-	SYM
ejge-4278	222	32	28	28	NUM
ejge-4278	222	33	.	.	PUNCT
ejge-4278	223	1	european	european	PROPN
ejge-4278	223	2	journal	journal	PROPN
ejge-4278	223	3	of	of	ADP
ejge-4278	223	4	government	government	NOUN
ejge-4278	223	5	and	and	CCONJ
ejge-4278	223	6	economics	economic	NOUN
ejge-4278	223	7	1(1	1(1	NUM
ejge-4278	223	8	)	)	PUNCT
ejge-4278	223	9	100	100	NUM
ejge-4278	223	10	frankel	frankel	NOUN
ejge-4278	223	11	,	,	PUNCT
ejge-4278	223	12	jeffrey	jeffrey	PROPN
ejge-4278	223	13	a.	a.	PROPN
ejge-4278	223	14	and	and	CCONJ
ejge-4278	223	15	andrew	andrew	PROPN
ejge-4278	223	16	k.	k.	PROPN
ejge-4278	223	17	rose	rise	VERB
ejge-4278	223	18	(	(	PUNCT
ejge-4278	223	19	1998	1998	NUM
ejge-4278	223	20	)	)	PUNCT
ejge-4278	224	1	‘	'	PUNCT
ejge-4278	224	2	the	the	DET
ejge-4278	224	3	endogeneity	endogeneity	NOUN
ejge-4278	224	4	of	of	ADP
ejge-4278	224	5	the	the	DET
ejge-4278	224	6	optimum	optimum	ADJ
ejge-4278	224	7	currency	currency	NOUN
ejge-4278	224	8	area	area	NOUN
ejge-4278	224	9	criteria	criterion	NOUN
ejge-4278	224	10	’	'	PUNCT
ejge-4278	224	11	,	,	PUNCT
ejge-4278	224	12	economic	economic	ADJ
ejge-4278	224	13	journal	journal	NOUN
ejge-4278	224	14	108(449	108(449	NUM
ejge-4278	224	15	):	):	PUNCT
ejge-4278	224	16	1009–1025	1009–1025	NUM
ejge-4278	224	17	.	.	PUNCT
ejge-4278	225	1	gayer	gayer	X
ejge-4278	225	2	,	,	PUNCT
ejge-4278	225	3	christian	christian	PROPN
ejge-4278	225	4	(	(	PUNCT
ejge-4278	225	5	2007	2007	NUM
ejge-4278	225	6	)	)	PUNCT
ejge-4278	225	7	‘	'	PUNCT
ejge-4278	225	8	a	a	DET
ejge-4278	225	9	fresh	fresh	ADJ
ejge-4278	225	10	look	look	NOUN
ejge-4278	225	11	at	at	ADP
ejge-4278	225	12	business	business	NOUN
ejge-4278	225	13	cycle	cycle	NOUN
ejge-4278	225	14	synchronisation	synchronisation	NOUN
ejge-4278	225	15	in	in	ADP
ejge-4278	225	16	the	the	DET
ejge-4278	225	17	euro	euro	PROPN
ejge-4278	225	18	area	area	NOUN
ejge-4278	225	19	’	'	PUNCT
ejge-4278	225	20	,	,	PUNCT
ejge-4278	225	21	european	european	ADJ
ejge-4278	225	22	economy	economy	NOUN
ejge-4278	225	23	–	–	PUNCT
ejge-4278	225	24	economic	economic	ADJ
ejge-4278	225	25	papers	paper	NOUN
ejge-4278	225	26	number	number	NOUN
ejge-4278	225	27	287	287	NUM
ejge-4278	225	28	.	.	PUNCT
ejge-4278	226	1	imbs	imb	NOUN
ejge-4278	226	2	,	,	PUNCT
ejge-4278	226	3	jean	jean	PROPN
ejge-4278	226	4	(	(	PUNCT
ejge-4278	226	5	2004	2004	NUM
ejge-4278	226	6	)	)	PUNCT
ejge-4278	226	7	‘	'	PUNCT
ejge-4278	226	8	trade	trade	NOUN
ejge-4278	226	9	,	,	PUNCT
ejge-4278	226	10	finance	finance	NOUN
ejge-4278	226	11	,	,	PUNCT
ejge-4278	226	12	specialization	specialization	NOUN
ejge-4278	226	13	,	,	PUNCT
ejge-4278	226	14	and	and	CCONJ
ejge-4278	226	15	synchronization	synchronization	NOUN
ejge-4278	226	16	’	'	PUNCT
ejge-4278	226	17	,	,	PUNCT
ejge-4278	226	18	review	review	NOUN
ejge-4278	226	19	of	of	ADP
ejge-4278	226	20	economics	economic	NOUN
ejge-4278	226	21	and	and	CCONJ
ejge-4278	226	22	statistics	statistic	NOUN
ejge-4278	226	23	86(3	86(3	PROPN
ejge-4278	226	24	):	):	PUNCT
ejge-4278	226	25	723–734	723–734	NUM
ejge-4278	226	26	.	.	PUNCT
ejge-4278	227	1	konstantakopoulou	konstantakopoulou	PROPN
ejge-4278	227	2	,	,	PUNCT
ejge-4278	227	3	ioanna	ioanna	NOUN
ejge-4278	227	4	and	and	CCONJ
ejge-4278	227	5	efthymios	efthymio	NOUN
ejge-4278	227	6	tsionas	tsiona	NOUN
ejge-4278	227	7	(	(	PUNCT
ejge-4278	227	8	2011)‘the	2011)‘the	DET
ejge-4278	227	9	business	business	NOUN
ejge-4278	227	10	cycle	cycle	NOUN
ejge-4278	227	11	in	in	ADP
ejge-4278	227	12	eurozone	eurozone	NOUN
ejge-4278	227	13	economies	economy	NOUN
ejge-4278	227	14	(	(	PUNCT
ejge-4278	227	15	1960	1960	NUM
ejge-4278	227	16	to	to	ADP
ejge-4278	227	17	2009	2009	NUM
ejge-4278	227	18	)	)	PUNCT
ejge-4278	227	19	’	'	PUNCT
ejge-4278	227	20	,	,	PUNCT
ejge-4278	227	21	applied	apply	VERB
ejge-4278	227	22	financial	financial	ADJ
ejge-4278	227	23	economics	economic	NOUN
ejge-4278	227	24	21(20	21(20	NUM
ejge-4278	227	25	):	):	PUNCT
ejge-4278	227	26	14951513	14951513	NUM
ejge-4278	227	27	.	.	PUNCT
ejge-4278	228	1	kaiser	kaiser	PROPN
ejge-4278	228	2	,	,	PUNCT
ejge-4278	228	3	regina	regina	PROPN
ejge-4278	228	4	and	and	CCONJ
ejge-4278	228	5	agustín	agustín	NOUN
ejge-4278	228	6	maravall	maravall	NOUN
ejge-4278	228	7	(	(	PUNCT
ejge-4278	228	8	2001	2001	NUM
ejge-4278	228	9	)	)	PUNCT
ejge-4278	228	10	measuring	measure	VERB
ejge-4278	228	11	business	business	NOUN
ejge-4278	228	12	cycles	cycle	NOUN
ejge-4278	228	13	in	in	ADP
ejge-4278	228	14	economic	economic	ADJ
ejge-4278	228	15	time	time	NOUN
ejge-4278	228	16	series	series	NOUN
ejge-4278	228	17	,	,	PUNCT
ejge-4278	228	18	new	new	PROPN
ejge-4278	228	19	york	york	PROPN
ejge-4278	228	20	:	:	PUNCT
ejge-4278	228	21	springer	springer	NOUN
ejge-4278	228	22	-	-	PUNCT
ejge-4278	228	23	verlag	verlag	PROPN
ejge-4278	228	24	.	.	PUNCT
ejge-4278	229	1	krugman	krugman	PROPN
ejge-4278	229	2	,	,	PUNCT
ejge-4278	229	3	paul	paul	PROPN
ejge-4278	229	4	r.	r.	PROPN
ejge-4278	229	5	(	(	PUNCT
ejge-4278	229	6	1991	1991	NUM
ejge-4278	229	7	)	)	PUNCT
ejge-4278	229	8	geography	geography	NOUN
ejge-4278	229	9	and	and	CCONJ
ejge-4278	229	10	trade	trade	NOUN
ejge-4278	229	11	,	,	PUNCT
ejge-4278	229	12	cambridge	cambridge	PROPN
ejge-4278	229	13	,	,	PUNCT
ejge-4278	229	14	ma	ma	PROPN
ejge-4278	229	15	:	:	PUNCT
ejge-4278	229	16	mit	mit	PROPN
ejge-4278	229	17	press	press	NOUN
ejge-4278	229	18	.	.	PUNCT
ejge-4278	230	1	mink	mink	PROPN
ejge-4278	230	2	,	,	PUNCT
ejge-4278	230	3	mark	mark	PROPN
ejge-4278	230	4	,	,	PUNCT
ejge-4278	230	5	jan	jan	PROPN
ejge-4278	230	6	jacobs	jacobs	PROPN
ejge-4278	230	7	and	and	CCONJ
ejge-4278	230	8	jakob	jakob	PROPN
ejge-4278	230	9	de	de	PROPN
ejge-4278	230	10	haan	haan	PROPN
ejge-4278	230	11	,	,	PUNCT
ejge-4278	230	12	j.	j.	PROPN
ejge-4278	230	13	(	(	PUNCT
ejge-4278	230	14	2007	2007	NUM
ejge-4278	230	15	)	)	PUNCT
ejge-4278	230	16	‘	'	PUNCT
ejge-4278	230	17	measuring	measure	VERB
ejge-4278	230	18	synchronicity	synchronicity	NOUN
ejge-4278	230	19	and	and	CCONJ
ejge-4278	230	20	co	co	NOUN
ejge-4278	230	21	-	-	NOUN
ejge-4278	230	22	movement	movement	NOUN
ejge-4278	230	23	of	of	ADP
ejge-4278	230	24	business	business	NOUN
ejge-4278	230	25	cycles	cycle	NOUN
ejge-4278	230	26	with	with	ADP
ejge-4278	230	27	an	an	DET
ejge-4278	230	28	application	application	NOUN
ejge-4278	230	29	to	to	ADP
ejge-4278	230	30	the	the	DET
ejge-4278	230	31	euro	euro	PROPN
ejge-4278	230	32	area	area	NOUN
ejge-4278	230	33	’	'	PUNCT
ejge-4278	230	34	,	,	PUNCT
ejge-4278	230	35	cesifo	cesifo	PROPN
ejge-4278	230	36	working	work	VERB
ejge-4278	230	37	paper	paper	NOUN
ejge-4278	230	38	no	no	INTJ
ejge-4278	230	39	.	.	PROPN
ejge-4278	230	40	2112	2112	NUM
ejge-4278	230	41	.	.	PUNCT
ejge-4278	231	1	mundell	mundell	PROPN
ejge-4278	231	2	,	,	PUNCT
ejge-4278	231	3	robert	robert	PROPN
ejge-4278	231	4	a.	a.	PROPN
ejge-4278	231	5	(	(	PUNCT
ejge-4278	231	6	1961	1961	NUM
ejge-4278	231	7	)	)	PUNCT
ejge-4278	231	8	a	a	DET
ejge-4278	231	9	theory	theory	NOUN
ejge-4278	231	10	of	of	ADP
ejge-4278	231	11	optimum	optimum	ADJ
ejge-4278	231	12	currency	currency	NOUN
ejge-4278	231	13	areas	area	NOUN
ejge-4278	231	14	,	,	PUNCT
ejge-4278	231	15	american	american	PROPN
ejge-4278	231	16	economic	economic	PROPN
ejge-4278	231	17	review	review	NOUN
ejge-4278	231	18	51(4	51(4	NUM
ejge-4278	231	19	):	):	PUNCT
ejge-4278	231	20	657–665	657–665	NUM
ejge-4278	231	21	.	.	PUNCT
ejge-4278	232	1	papageorgiou	papageorgiou	NOUN
ejge-4278	232	2	,	,	PUNCT
ejge-4278	232	3	theofanis	theofanis	PROPN
ejge-4278	232	4	,	,	PUNCT
ejge-4278	232	5	panayotis	panayotis	PROPN
ejge-4278	232	6	g.	g.	PROPN
ejge-4278	232	7	michaelides	michaelide	NOUN
ejge-4278	232	8	and	and	CCONJ
ejge-4278	232	9	john	john	PROPN
ejge-4278	232	10	g.	g.	PROPN
ejge-4278	232	11	milios	milios	PROPN
ejge-4278	232	12	(	(	PUNCT
ejge-4278	232	13	2010	2010	NUM
ejge-4278	232	14	)	)	PUNCT
ejge-4278	232	15	‘	'	PUNCT
ejge-4278	232	16	business	business	NOUN
ejge-4278	232	17	cycle	cycle	NOUN
ejge-4278	232	18	synchronization	synchronization	NOUN
ejge-4278	232	19	and	and	CCONJ
ejge-4278	232	20	clustering	clustering	NOUN
ejge-4278	232	21	in	in	ADP
ejge-4278	232	22	europe	europe	PROPN
ejge-4278	232	23	(	(	PUNCT
ejge-4278	232	24	1960	1960	NUM
ejge-4278	232	25	-	-	SYM
ejge-4278	232	26	2009	2009	NUM
ejge-4278	232	27	)	)	PUNCT
ejge-4278	232	28	’	'	PUNCT
ejge-4278	232	29	,	,	PUNCT
ejge-4278	232	30	journal	journal	NOUN
ejge-4278	232	31	of	of	ADP
ejge-4278	232	32	economics	economic	NOUN
ejge-4278	232	33	and	and	CCONJ
ejge-4278	232	34	business	business	NOUN
ejge-4278	232	35	62(5	62(5	NOUN
ejge-4278	232	36	):	):	PUNCT
ejge-4278	232	37	419	419	NUM
ejge-4278	232	38	-	-	SYM
ejge-4278	232	39	470	470	NUM
ejge-4278	232	40	.	.	PUNCT
ejge-4278	232	41	rose	rise	VERB
ejge-4278	232	42	,	,	PUNCT
ejge-4278	232	43	andrew	andrew	PROPN
ejge-4278	232	44	k.	k.	PROPN
ejge-4278	232	45	(	(	PUNCT
ejge-4278	232	46	2000	2000	NUM
ejge-4278	232	47	)	)	PUNCT
ejge-4278	233	1	‘	'	PUNCT
ejge-4278	233	2	one	one	NUM
ejge-4278	233	3	money	money	NOUN
ejge-4278	233	4	,	,	PUNCT
ejge-4278	233	5	one	one	NUM
ejge-4278	233	6	market	market	NOUN
ejge-4278	233	7	:	:	PUNCT
ejge-4278	233	8	the	the	DET
ejge-4278	233	9	effect	effect	NOUN
ejge-4278	233	10	of	of	ADP
ejge-4278	233	11	common	common	ADJ
ejge-4278	233	12	currencies	currency	NOUN
ejge-4278	233	13	on	on	ADP
ejge-4278	233	14	trade	trade	NOUN
ejge-4278	233	15	’	'	PUNCT
ejge-4278	233	16	,	,	PUNCT
ejge-4278	233	17	economic	economic	ADJ
ejge-4278	233	18	policy	policy	NOUN
ejge-4278	233	19	15(30	15(30	NUM
ejge-4278	233	20	):	):	PUNCT
ejge-4278	233	21	9–45	9–45	NOUN
ejge-4278	233	22	.	.	PUNCT