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

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Author Info
Mark A. Wynne
Jahyeong Koo

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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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Paper provided by Federal Reserve Bank of Dallas in its series Working Papers with number 97-07.

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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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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.:
  1. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July. [Downloadable!] (restricted)
  2. Neil Wallace, 1979. "Why markets in foreign exchange are different from other markets," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall. [Downloadable!]
  3. 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. [Downloadable!]
  4. Assar Lindbeck, 1996. "The West European employment problem," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 132(4), pages 609-637, December. [Downloadable!] (restricted)
  5. Lindbeck, A, 1996. "The West European Employment Problem," Papers 616, Stockholm - International Economic Studies.
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  6. 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.
  7. 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.
  8. Pierre Danthine, Jean & Donaldson, John B., 1993. "Methodological and empirical issues in real business cycle theory," European Economic Review, Elsevier, vol. 37(1), pages 1-35, January. [Downloadable!] (restricted)
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  9. 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. [Downloadable!] (restricted)
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  10. Cooley, Thomas F. & Ohanian, Lee E., 1991. "The cyclical behavior of prices," Journal of Monetary Economics, Elsevier, vol. 28(1), pages 25-60, August. [Downloadable!] (restricted)
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  11. Gerald Carlino & Keith Sill, 1997. "Regional economies: separating trends from cycles," Business Review, Federal Reserve Bank of Philadelphia, issue May, pages 19-31. [Downloadable!]
  12. 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. [Downloadable!]
  13. Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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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.)

  1. Siem Jan Koopman & Joao Valle e Azevedo, 2003. "Measuring Synchronisation and Convergence of Business Cycles," Tinbergen Institute Discussion Papers 03-052/4, Tinbergen Institute. [Downloadable!]
  2. Salvador Barrios & Juan José de Lucio, . "Economic Integration and Regional Business Cycles: Evidence from the Iberian regions," Working Papers 2001-17, FEDEA. [Downloadable!]
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  3. Eva Ortega, . "The Spanish business cycle and its relationship to Europe," Studies on the Spanish Economy 09, FEDEA. [Downloadable!]
  4. Roberto Iannaccone & Edoardo Otranto, 2003. "Signal Extraction in Continuous Time and the Generalized Hodrick- Prescott Filter," Econometrics 0311002, EconWPA. [Downloadable!]
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