Asymmetric Shocks Inside Future EMU

Beine, Michel; Hecq, Alain

doi:1997.12.2.131

The Journal of Economic Integration 1997 June;12(2) :131-140.
DOI: https://doi.org/10.11130/jei.1997.12.2.131

Asymmetric Shocks Inside Future EMU

Michel Beine, Alain Hecq

University of Lille II
Maastricht University

ABSTRACT

roux and Peaucelle [1989, 1993], we propose a new method which, unlike the analysis of Bayoumi and Eichengreen [1992], does not require any arbitrary restrictions. As a whole, our results support the idea of a two-speed Europe. (JEL Classification: C22, F33, F42)

REFERENCE

1.	E i c h e n g reen, B. [1990], "One Money for Europe? Lessons from the U.S. Currency Union," Economic Policy, No. 10, April.

2.	Artis, M. et W. Zhang [1995], "International Business Cycles and the ERM: Is there a European Business Cycle?," CEPR Discussion Paper, N o . 1191.