01829cas a2200253 a 4500 AALejournalIMF007880 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451874792 1018-5941 BD-DhAAL BD-DhAAL Samiei, Hossein. The U.K. Business Cycle, Monetary Policy, and EMU Entry / Hossein Samiei, Zenon Kontolemis. Washington, D.C. : International Monetary Fund, 2000. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In the context of the U.K. government's EMU entry condition of cyclical convergence, this paper (i) provides further evidence suggesting that historically the U.K.'s business cycle has been more volatile than, and relatively independent of, the cycles in the euro-area countries; and (ii) identifies, using a small VAR model, a relatively significant role for monetary policy in explaining these differences. A simulation exercise suggests that if the U.K. interest rates had been more closely aligned with those in the euro area in the 1990s (as they would be if the United Kingdom were to join EMU), output growth might have been less volatile and more correlated with that in the euro area, but inflationary pressures might have persisted. Mode of access: Internet Kontolemis, Zenon. IMF Working Papers; Working Paper ; No. 2000/210 Full text available on IMF http://elibrary.imf.org/view/journals/001/2000/210/001.2000.issue-210-en.xml IMF e-Library