The Effect of the ERM on Participating Economies
The effects of membership in the ERM are analyzed using vector autoregression techniques. The results indicate that while the ERM has had little effect on the nature of the shocks hitting the economies, it has had a significant effect on the response of member countries to these shocks, making them both more elongated and more similar. Long-time members of the ERM also have significantly more correlated shocks than other countries. These results conform to the thesis that the ERM represents a move by countries with relatively similar underlying shocks to coordinate macroeconomic policy.
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Volume (Year): 39 (1992)
Issue (Month): 2 (June)
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