Inflation targeting seems to have a small but positive effect on the synchronization of business cycles; countries that … targeting does not explain the decoupling of global business cycles, for two reasons. Indeed business cycles have not in fact … become less synchronized across countries. …

international finance is explaining these cross-regime differences in exchange rate volatility. The evidence suggests that a switch …’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime … in exchange rate policy is accompanied by a change in market structure; macroeconomic considerations are superfluous. We …