International business cycles under fixed and flexible exchange rate regimes
By: Michael Kouparitsas.
Series: Working paper series ;; WP-2003-28; Working paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) ;; WP-2003-28.
Publisher: Federal Reserve Bank of Chicago
Published: 2003
Place of publication: [Chicago, Ill.]
Language: eng
Format: Electronic resource
Description: "This paper studies the changing characteristics of post-war international comovement under fixed and flexible exchange regimes.  I find that business cycle comovement among all the G7 economies was highest in the universally flexible exchange rate era following the collapse of Bretton Woods (BW) and before the Basle-Nyborg agreement tightened the bands governing the European Exchange Rate Mechanism (ERM).  With the exception of a few examples (Canada/US and Germany/France) G7 business cycles were far less synchronized in the universally fixed exchange rate BW era.  More recently the ERM period in which continental Europe maintained fixed exchange rates, is characterized by a high degree of comovement among continental Europe and the English-speaking G7 countries, with little synchronization across these groups.  I find that these changing patterns of comovement were driven by changes in the propagation of shocks rather changes in the relative volatility of shocks themselves across these time periods"--Federal Reserve Bank of Chicago web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/30/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.