Kiel Working Papers, Kiel Institute for World Economics
No 1115:
Financial Market Integration and Business Cycle Volatility in a Monetary Union
Christian Pierdzioch
Abstract: This paper uses a dynamic general equilibrium two-country
optimizing sticky-price model to analyze the consequences of international
financial market integration for the propagation of asymmetric productivity
shocks in a monetary union. The model implies that business cycle
volatility is higher the more integrated the capital markets of the member
countries of the monetary union are.
Keywords: Open Economy Macroeconomics; Monetary union; Business cycles, Financial markets; (follow links to similar papers)
JEL-Codes: F33; F36; F41; (follow links to similar papers)
24 pages, July 2002
Before downloading any of the electronic versions below
you should read our statement on
copyright.
Download GhostScript
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Downloadable files:
kap1115.pdf
Download Statistics
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Programing by
Design Joakim Ekebom