Business Cycles and Exchange Rate Regimes

Christian Zimmermann

No 45, Cahiers de recherche CREFE / CREFE Working Papers from CREFE, Université du Québec à Montréal

Abstract: Are business cycles different according to the exchange rate regime? Baxter & Stockman (1989) have inconclusive results. We reinvestigate this question with more recent data and a different methodology and find evidence, for some aggregates, that their business cycle behavior has changed. We then try to replicate this change with an international real business cycle model with exchange rate shocks.

Les cycles économiques sont-ils différents selon le régime de taux de change? Baxter & Stockman (1989) n'obtiennent pas de réponse définitive à cette question. Nous la réexaminons avec des données plus récentes et une méthodologie différente et trouvons qu'il y a eu changement, du moins pour certains agrégats économiques. Ensuite, nous cherchons à répliquer ce fait au moyen d'un modèle du cycle réel international augmenté de chocs exogènes sur le taux de change réel.

Keywords: open economy macroeconomics; real business cycle models; exchange rates; international trade (search for similar items in EconPapers)
JEL-codes: E32 F31 F41 (search for similar items in EconPapers)
Pages: 22 pages
Date: 1996-11
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