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| Author: | Artis, M. J. Zhang, W. |
| Title: | Further evidence on the international business cycle and the ERM: Is there a European business cycle ? |
| Journal: | Oxford Economic Papers
1999 : JAN, VOL. 51:1, p. 120-132 |
| Index terms: | Business cycles Exchange rates European monetary system Economic theory Europe |
| Freeterms: | EMU |
| Language: | eng |
| Abstract: | Successful exchange rate regimes impose policy disciplines that are likely to lead to conformity in the business cycles of the participating countries. This conjecture is borne out by the evidence presented that the business cycle affiliation of the Exchange Rate Mechanism (ERM) member countries has shifted from the U.S. to Germany since the formation of the ERM. This effect is bolstered by the growing links in trade between the European Union countries. The U.K. is conspicuous among the latter in that its business cycle affiliation did not change in the period covered by the study. |
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