Macro-economic shocks, the ERM, and tri-polarity

T. Bayoumi; M. P. Taylor

doi:10.2307/2109868

Macro-economic shocks, the ERM, and tri-polarity

T. Bayoumi
, M. P. Taylor

Research output: Contribution to journal › Article › peer-review

30 Scopus citations

Abstract

The authors use the comparative behavior of real output growth and inflation behavior of members and non-members of the ERM to analyze the importance of ERM membership on macroeconomic performance. An econometric procedure for identifying temporary and permanent shocks to output is proposed and executed. The results confirm that the ERM has acted as a vehicle for macro-policy coordination between members. Several issues relating to the hypothesis of global economic "tri-polarity' between the US, Germany and Japan are also investigated. -from Authors

Original language	English
Pages (from-to)	321-331
Number of pages	11
Journal	Review of Economics and Statistics
Volume	77
Issue number	2
DOIs	https://doi.org/10.2307/2109868
State	Published - 1995

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abstract = "The authors use the comparative behavior of real output growth and inflation behavior of members and non-members of the ERM to analyze the importance of ERM membership on macroeconomic performance. An econometric procedure for identifying temporary and permanent shocks to output is proposed and executed. The results confirm that the ERM has acted as a vehicle for macro-policy coordination between members. Several issues relating to the hypothesis of global economic {"}tri-polarity' between the US, Germany and Japan are also investigated. -from Authors",

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AB - The authors use the comparative behavior of real output growth and inflation behavior of members and non-members of the ERM to analyze the importance of ERM membership on macroeconomic performance. An econometric procedure for identifying temporary and permanent shocks to output is proposed and executed. The results confirm that the ERM has acted as a vehicle for macro-policy coordination between members. Several issues relating to the hypothesis of global economic "tri-polarity' between the US, Germany and Japan are also investigated. -from Authors

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Macro-economic shocks, the ERM, and tri-polarity

Abstract

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