Macroeconomic Shocks, the ERM, and Tri-Polarity
Tamim Bayoumi and
Mark Taylor ()
No 711, CEPR Discussion Papers from C.E.P.R. Discussion Papers
We analyse the importance of ERM membership for macroeconomic performance by comparing the behaviour of real output growth and inflation of members and non-members of the ERM. Taking the traditional aggregate supply and demand model as the basis for the analysis, we propose and implement an econometric procedure for identifying aggregate demand and supply shocks. The results confirm that the ERM has acted as a vehicle for macroeconomic policy coordination among its members. We also investigate several issues relating to the notion of a `tri-polar' global economic system comprising Germany, Japan and the US.
Keywords: ERM; Macroeconomic Performance; Tri-polarity (search for similar items in EconPapers)
JEL-codes: F33 F62 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed
Downloads: (external link)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at email@example.com
Journal Article: Macro-economic Shocks, the ERM, and Tri-polarity (1995)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:711
Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... pers/dp.php?dpno=711
Access Statistics for this paper
More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().