haku: @author Inklaar, R. / yhteensä: 2
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| Tekijä: | Inklaar, R. Haanf, J. de |
| Otsikko: | Is there really a European business cycle? A comment |
| Lehti: | Oxford Economic Papers
2001 : APR, VOL. 53:2, p. 215-220 |
| Asiasana: | EXCHANGE RATES BUSINESS CYCLES EUROPE |
| Kieli: | eng |
| Tiivistelmä: | In this paper the authors argue that in contrast to the conclusion of Artis and Zhang, there is not much evidence in support of the view that increased exchange rate stability is related to more synchronised business cycles in Europe. This finding may have important consequences, as existing differences in business cycles in the EMU-countries may not disappear due to further monetary integration, making a common monetary policy hazardous. In this note the authors shed some doubt on the results of Artis and Zhang that increased exchange rate stability in Europe has led to business cycle synchronisation. Like Artis and Zhang, the authors use OECD industrial production data and the Hodrick-Frescott filter to differentiate between trend and cycle. |
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