Financial Differences and Business Cycle Co‐Movements in a Currency Area
构建统一框架，分析金融结构差异与货币政策制度如何影响商业周期相关性，并用欧元区数据验证模型预测。
I propose a unitary framework to interpret the links between differences in financial structures and the monetary policy regimes, on the one hand, and the correlation of business cycles, on the other. Using a two‐country micro‐founded model with financial frictions I predict that a greater financial diversity should reduce cyclical correlation under a given monetary regime and that moving from independent monetary policies to a hard peg or a common currency should increase it, for any given degree of financial diversity. I use the recent experience of EMU to test these ideas and show that my model explains reasonably well the broad patterns of business cycle correlation observed recently among the main euro area countries.