This paper aims at measuring the robustness of Real Business Cycle international stylized facts across exchange rate regimes. I thus investigate th e impact of the Bretton Woods System and the ERM on the business cycle regularities. Thanks to bootstrap techniques, I measure the accuracy of the statistics. While exchange rate variability is sensitive to the nature of the exchange rate regime, the volatility of macroeconomic fundamentals does not differ across exchange rate regimes. Moreover, there is evidence that fixed-rates enhance international comovement of ouput, consumption and investment.
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Find related papers by JEL classification: E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles F31 - International Economics - - International Finance - - - Foreign Exchange F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
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