[eng] We evaluate the influence of international goods trade on the transmission of macroeconomic shocks among European countries. We model business-cycle interdependence as a constrained VAR process. Empirical results show a close link between shock transmission and bilateral trade shares....

[eng] A Return to Average Rates in the European Exchange Rate Mechanism: 1987-1995 by Jean Sébastien Pentecôte and Thierry Roncalli . This paper studies the effect of the return to average daily rates for the European Exchange Rate Mechanism currencies and the dollar against the deutschemark...

[fre] Une approche bilatérale des réalignements au sein du Mécanisme de change européen . (mars 1979 - décembre 1992) par Jean-Sébastien Pentecôte et Marc- Alexandre Sénégas . Dans cet article, nous présentons un modèle de réalignement du cours de change dans une zone cible...

[eng] This article examines how monetary policy should be conducted in an open economy when its influence on the extensive margin of trade is taken into account. In a two-country model, we show that – contrary to the results obtained by Bilbiie et alii (2007 ) – the optimal monetary policy...