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Business cycles under monetary union: EU and US business cycles compared

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  • Mark A. Wynne
  • Jahyeong Koo

Abstract

In discussions of the likely implications for Europe of EMU, the United States is often cited as an example of a monetary union, while the United States' central bank, the Federal Reserve System, is cited as a model for how a central bank would function in a monetary union. While the costs and benefits of monetary union in Europe have been subject to a lot of debate, the authors focus on a potential set of costs and benefits that seem to have received relatively little attention in the existing literature. Specifically, they ask what are the likely benefits to Europe in terms of business cycle stabilization or synchronization from monetary union. The authors compare the business cycle properties of the fifteen EU countries that are potentially eligible for membership in EMU with the properties of the 12 Federal Reserve districts in the U.S.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Dallas in its series Working Papers with number 9707.

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Date of creation: 1997
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Handle: RePEc:fip:feddwp:97-07

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Keywords: Business cycles ; European Economic Community;

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  1. Lynn E. Browne, 1992. "Why New England went the way of Texas rather than California," New England Economic Review, Federal Reserve Bank of Boston, issue Jan, pages 23-41.
  2. repec:fth:iniesr:466 is not listed on IDEAS
  3. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, Econometric Society, vol. 50(4), pages 1029-54, July.
  4. Geoffrey M.B. Tootell, 1990. "Central bank flexibility and the drawbacks to currency unification," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 3-18.
  5. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
  6. Neil Wallace, 1979. "Why markets in foreign exchange are different from other markets," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall.
  7. Jean-Pierre DANTHINE & John B. DONALDSON, 1991. "Methodological and Empirical Issues in Real Business Cycle Theory," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP), Université de Lausanne, Faculté des HEC, DEEP 9102, Université de Lausanne, Faculté des HEC, DEEP.
  8. Cooley, T.F. & Ohanian, L.E., 1989. "The Cyclical Behavior Of Prices," RCER Working Papers 188, University of Rochester - Center for Economic Research (RCER).
  9. Lindbeck, Assar, 1996. "The West European Employment Problem," Working Paper Series, Research Institute of Industrial Economics 466, Research Institute of Industrial Economics.
  10. Assar Lindbeck, 1996. "The West European employment problem," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 132(4), pages 609-637, December.
  11. Carolyn Sherwood-Call, 1988. "Exploring the relationships between national and regional economic fluctuations," Economic Review, Federal Reserve Bank of San Francisco, issue Sum, pages 15-25.
  12. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
  13. Gerald Carlino & Keith Sill, 1997. "Regional economies: separating trends from cycles," Business Review, Federal Reserve Bank of Philadelphia, issue May, pages 19-31.
  14. Fiorito, Riccardo & Kollintzas, Tryphon, 1994. "Stylized facts of business cycles in the G7 from a real business cycles perspective," European Economic Review, Elsevier, vol. 38(2), pages 235-269, February.
  15. Thomas J. Sargent & Francois R. Velde, 1990. "The analytics of German monetary unification," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 33-50.
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Cited by:
  1. Döpke, Jörg, 1998. "Stylized facts of Euroland's business cycle," Kiel Working Papers 887, Kiel Institute for the World Economy.
  2. Davide Furceri, 2002. "Risk-sharing e architettura istituzionale delle politiche di stabilizzazione nell'UME: aspetti metodologici e verifica empirica," Rivista di Politica Economica, SIPI Spa, SIPI Spa, vol. 92(6), pages 175-210, November-.
  3. Maravall, A. & del Rio, A., 2007. "Temporal aggregation, systematic sampling, and the Hodrick-Prescott filter," Computational Statistics & Data Analysis, Elsevier, Elsevier, vol. 52(2), pages 975-998, October.
  4. Eva Ortega, . "The Spanish business cycle and its relationship to Europe," Studies on the Spanish Economy 09, FEDEA.
  5. Roberto Iannaccone & Edoardo Otranto, 2003. "Signal Extraction in Continuous Time and the Generalized Hodrick- Prescott Filter," Econometrics, EconWPA 0311002, EconWPA.

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