ABSTRACT The paper investigates the cyclical synchronization of the Czech Republic with the euro area and compares it to the synchronization of Germany and Austria (the benchmark). We employed a wavelet coherence analysis with four macroeconomic variables and monthly data from 1995 to 2019. Our results suggest that the Czech Republic suffers from significant structural disparities in synchronization at high frequencies. The country is related to most of the euro area countries only indirectly. Additionally, both benchmark countries are well synchronized with the euro area at almost all frequencies, except Austria in the manufacturing sector.

中文翻译：

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捷克共和国和欧元区的周期性同步：时频域中的结构性差异案例

摘要 本文研究了捷克共和国与欧元区的周期性同步，并将其与德国和奥地利（基准）的同步进行了比较。我们对四个宏观经济变量和 1995 年至 2019 年的月度数据进行了小波相干分析。我们的结果表明，捷克共和国在高频同步方面存在显着的结构性差异。该国仅与大多数欧元区国家间接相关。此外，这两个基准国家几乎在所有频率上都与欧元区同步，奥地利除外。