This paper first reviews a number of stylised facts concerning OECD country business cycles over the past four decades. In general, the amplitude of business cycles has fallen, driven mainly by declining fluctuations of domestic demand. As a result, international divergencies of cyclical...

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

Norbert Bub, Dieter Duwendag, Ruolf Richter (Herausgeber): Geldwertsicherung und Wirtschaftsstabilität. Festschrift für Helmut Schlesinger zum 65. Geburtstag. Fritz Knapp Verlag, Frankfurt 1989, 511 Seiten, 60 DM

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...