On Identifying the Core of EMU: An Exploration of Some Empirical Criteria

Michael Artis and Wenda Zhang

No 1689, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The paper reports strikingly high correlations of the cyclical components of industrial production between the participant countries in the ERM. Supplementing these correlations with criteria based on real exchange rate volatility, trade and monetary policy conformity, cluster analysis is used to identify a core group of countries for which monetary union with Germany seems less controversial and to define other groups for which monetary union might be less advisable.

Keywords: Business Cycles; Cluster Analysis; ERM; Real Exchange Rates (search for similar items in EconPapers)
JEL-codes: C14 E32 F15 F31 (search for similar items in EconPapers)
Date: 1997-08
References: Add references at CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=1689 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:1689

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... ers/dp.php?dpno=1689

Access Statistics for this paper

More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().