World Business Cycles under Fixed and Flexible Exchange Rates

Stefan Gerlach ()

Journal of Money, Credit and Banking, 1988, vol. 20, issue 4, 621-32

Abstract: This paper studies the behavior of monthly industrial production indices during the recent periods of fixed and flexible exchange rate s. The central conclusions are as follows: industrial production indices are subject to stochastic trend growth; the variances of the monthly growth rates are higher in the flexible exchange rate period than in the fixed exchange rate period, and are related to the degree of openness and to national income-more open economies tend to experience more variability while richer, more diversified economies experience less; and output movements have been correlated across countries under both exchange rate regimes, and there is evidence of a world business cycle. Copyright 1988 by Ohio State University Press.

Date: 1988
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