Optimum filtering for optimum currency areas criteria
This study aims to analyze Turkey and the Economic and Monetary Union (EMU) countries in the light of criteria suggested by the optimum currency areas (OCA) theory and to compare the criteria obtained by an application of Hodrick-Prescott (H-P) and Baxter-King (B-K) filters. To this end, we follow a novel technique, fuzzy c-means (FCM) clustering with upper and lower levels of fuzziness. The results show that the application of the H-P filtering technique with appropriate smoothing parameter values produces sensible clusters.
Volume (Year): 6 (2007)
Issue (Month): 44 ()
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References listed on IDEAS
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- Kozluk, Tomasz, 2005. "CEEC Accession Countries and the EMU - An Assessment of Relative and Readiness for Euro-Area Membership," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 20, pages 439-474.
- Schlicht, Ekkehart, 2004.
"Estimating the Smoothing Parameter in the So-Called Hodrick-Prescott Filter,"
IZA Discussion Papers
1054, Institute for the Study of Labor (IZA).
- Schlicht, Ekkehart, 2004. "Estimating the Smoothing Parameter in the So-Called Hodrick-Prescott Filter," Discussion Papers in Economics 304, University of Munich, Department of Economics.
- Christian J. Murray, 2003. "Cyclical Properties of Baxter-King Filtered Time Series," The Review of Economics and Statistics, MIT Press, vol. 85(2), pages 472-476, May.
- Artis, M.J. & Zhang, W., 2002. "Membership of EMU: A Fuzzy Clustering Analysis of Alternative Criteria," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 17, pages 54-79.
- Mongelli, Francesco Paolo, 2002. "ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?," Royal Economic Society Annual Conference 2002 140, Royal Economic Society.
- Mongelli, Francesco Paolo, 2002. ""New" views on the optimum currency area theory: what is EMU telling us?," Working Paper Series 0138, European Central Bank.
- Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, Enero-Jun. Full references (including those not matched with items on IDEAS)
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