International Business Cycles and the ERM: Is There a European Business Cycle?

✍ Scribed by M.J. Artis; W. Zhang

• Publisher: John Wiley and Sons
• Year: 1997
• Tongue: English
• Weight: 179 KB
• Volume: 2
• Category: Article
• ISSN: 1076-9307
• DOI: 10.1002/(sici)1099-1158(199701)2:1<1::aid-ijfe31>3.0.co;2-7

✦ Synopsis

recent participants. That their behaviour is much of a piece with that of longer-established members must be put down to other influences or to the fact that prior to formal accession both countries informally pursued exchange rate and monetary policies which were similar to those they would have pursued as formal members. Secondly, it is striking that whilst Ireland's association with the US cycle has weakened over the period, alone among the ERM group, its association with the German cycle was not strengthened.