Macroeconomic Shocks, the ERM, and Tri-Polarity
AbstractWe analyse the importance of ERM membership for macroeconomic performance by comparing the behaviour of real output growth and inflation of members and non-members of the ERM. Taking the traditional aggregate supply and demand model as the basis for the analysis, we propose and implement an econometric procedure for identifying aggregate demand and supply shocks. The results confirm that the ERM has acted as a vehicle for macroeconomic policy coordination among its members. We also investigate several issues relating to the notion of a `tri-polar' global economic system comprising Germany, Japan and the US.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 711.
Date of creation: Sep 1992
Date of revision:
Contact details of provider:
Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820
Other versions of this item:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Pentecôte, J.-S., 2010.
"Long-run identifying restrictions on VARs within the AS-AD framework,"
34660, University Library of Munich, Germany.
- Jean-Sébastien Pentecôte, 2011. "Long-run identifying restrictions on VARs within the AS-AD framework," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201125, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
- Mark P. Taylor, 2004. "Estimating structural macroeconomic shocks through long-run recursive restrictions on vector autoregressive models: the problem of identification," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(3), pages 229-244.
- Minoas Koukouritakis & 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.
- 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.
- Sopraseuth, T., 2000. "Exchange Rate Regimes and International Business Cycle," Papiers d'Economie MathÃÂ©matique et Applications 2000.17, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Minoas Koukouritakis & Leo Michelis, 2005. "Enlargement and Eurozone: Convergence or Divergence," Working Papers 0504, University of Crete, Department of Economics.
- Adolfo Maza, 2006. "Wage flexibility and the EMU: a nonparametric and semiparametric analysis for the Spanish case," Applied Economics Letters, Taylor & Francis Journals, vol. 13(11), pages 733-736.
- George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, vol. 5(2), pages 211-230, March.
- Frenkel, Michael & Nickel, Christiane, 2005. "New European Union members on their way to adopting the Euro: An analysis of macroeconomic disturbances," Global Finance Journal, Elsevier, vol. 15(3), pages 303-320, February.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.