The "Walters Critique" of the EMS--A Case of Inconsistent Expectations?
AbstractAlan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analyzed within a model where overlapping contracts generate price inertia. In this context, it is found that the short-run effects predicted by Walters only arise when the credibility of the peg differs as between the labor and financial markets: but even if such a difference exists, the system is stable in the long run. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 59 (1991)
Issue (Month): 0 (Supplement,)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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Other versions of this item:
- Miller, Marcus & Sutherland, Alan, 1990. "The `Walters' Critique of the EMS: A Case of Inconsistent Expectations," CEPR Discussion Papers 480, C.E.P.R. Discussion Papers.
- Miller, M & Sutherland, A, 1990. "The 'Walters Critique' of the EMS - A Case of Inconsistent Expectations," The Warwick Economics Research Paper Series (TWERPS) 363, University of Warwick, Department of Economics.
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- Oliver Landmann, 2009. "EMU@10: Coping with Rotating Slumps," Discussion Paper Series 9, Department of International Economic Policy, University of Freiburg, revised Jul 2009.
- Svensson, Lars E. O., 1994.
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- Svensson, L.E.O., 1993. "Fixed Exchange Rates As a Means to Price Stability: What Have we Learned?," Papers 553, Stockholm - International Economic Studies.
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- Svensson, Lars E O, 1994. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?," CEPR Discussion Papers 872, C.E.P.R. Discussion Papers.
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- Lars Calmfors & Giancarlo Corsetti & Michael P. Devereux & Seppo Honkapohja & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2007. "Chapter 2: Macroeonomic adjustment in the euro area – the cases of Ireland and Italy," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 59-72, 02.
- Alan Ahearne & Juan Delgado & Jakob von WeizsÃ¤cker, 2008. "A tail of two countries," Policy Briefs 6, Bruegel.
- von Hagen, Jürgen & Hofmann, Boris, 2003.
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