Exchange Rate Regimes and Business Cycle Properties: Some Stylized Facts
Thepthida Sopraseuth ()
Papiers d'Economie MathÃ©matique et Applications from UniversitÃ© PanthÃ©on-Sorbonne (Paris 1)
This paper aims at measuring the robustness of Real Business Cycle international stylized facts across exchange rate regimes. I thus investigate th e impact of the Bretton Woods System and the ERM on the business cycle regularities. Thanks to bootstrap techniques, I measure the accuracy of the statistics. While exchange rate variability is sensitive to the nature of the exchange rate regime, the volatility of macroeconomic fundamentals does not differ across exchange rate regimes. Moreover, there is evidence that fixed-rates enhance international comovement of ouput, consumption and investment.
Keywords: EXCHANGE RATE; FINANCIAL POLICY; ECONOMIC MODELS (search for similar items in EconPapers)
JEL-codes: E32 F31 F14 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pariem:1999.51
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