Macro-economic Shocks, the ERM, and Tri-polarity

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Macro-economic Shocks, the ERM, and Tri-polarity

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Bayoumi, Tamim
Taylor, Mark P

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Abstract

The authors use the comparative behavior of real output growth and inflation behavior of members and nonmembers of the exchange rate mechanism (ERM) to analyze the importance of ERM membership on macroeconomic performance. An econometric procedure for identifying temporary and permanent shocks to output is proposed and executed. The results confirm that the ERM has acted as a vehicle for macropolicy coordination between members. The authors also investigate several issues relating to the hypothesis of global economic 'tri-polarity' between the United States, Germany, and Japan. Copyright 1995 by MIT Press.

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Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 77 (1995)
Issue (Month): 2 (May)
Pages: 321-31
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Handle: RePEc:tpr:restat:v:77:y:1995:i:2:p:321-31

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Paper
- Bayoumi, Tamim & Taylor, Mark P, 1992. "Macroeconomic Shocks, the ERM, and Tri-Polarity," CEPR Discussion Papers 711, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Minoas Koukouritakis & Leo Michelis, 2005. "Enlargement and Eurozone: Convergence or Divergence," Working Papers 0504, University of Crete, Department of Economics. [Downloadable!]
Theptida Sopraseuth, 2003. "Exchange Rate Regimes and International Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 338-361, April. [Downloadable!] (restricted)
Other versions:
- Sopraseuth, T., 2000. "Exchange Rate Regimes and International Business Cycle," Papers 2000.17, Paris I - Economie Mathematique et Applications.
Adolfo Maza, 2006. "Wage flexibility and the EMU: a nonparametric and semiparametric analysis for the Spanish case," Applied Economics Letters, Taylor and Francis Journals, vol. 13(11), pages 733-736, September. [Downloadable!] (restricted)
Minoas Koukouritakis and Leo Michelis, 2003. "EU Enlargement: Are the New Countries Ready to Join the EMU? ," University of Cyprus Working Papers in Economics 6-2003, University of Cyprus Department of Economics. [Downloadable!]

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