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German dominance in the EMS

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  • Michele Fratianni
  • Juergen Hagen

Abstract

The paper assesses the merit of the view according to which the Bundesbank dominates monetary policy-making in the European Monetary System. Our tests give a strong rejection of German dominance and suggest, instead, that monetary policymaking in the EMS is interactive. There is evidence that the Bundesbank pursues her own policy goals in the longer run. But German independence does not imply German dominance. Copyright Kluwer Academic Publishers 1990

Suggested Citation

  • Michele Fratianni & Juergen Hagen, 1990. "German dominance in the EMS," Open Economies Review, Springer, vol. 1(1), pages 67-87, February.
    • Handle: RePEc:kap:openec:v:1:y:1990:i:1:p:67-87
    DOI: 10.1007/BF01886176
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    References listed on IDEAS

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