Business cycle asymmetries and the nominal exchange rate regimes

Weshah Razzak

No G98/4, Reserve Bank of New Zealand Discussion Paper Series from Reserve Bank of New Zealand

Abstract: This paper investigates differences in time series behaviour of real output and the price levels in seven countries (the United States, the United Kingdom, Germany, Japan, Canada, Australia, and New Zealand) under alternative exchange rate systems. Quarterly data spanning the Bretton-Woods and the subsequent floating exchange rate regimes are used to test whether or not the cyclical fluctuations of output and price levels are symmetric. It is shown that the evidence of asymmetries depends on the prevailing nominal exchange rate regime and the method used to de-trend the data.

Pages: 19p
Date: 1998-05
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