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The cost of disinflation and the European Monetary System

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Author Info
Paul Grauwe
Abstract

In this paper we present empirical evidence indicating that the EMS-countries have experienced a worsening of their inflation/unemployment trade-off during 1978–88, which on average was more pronounced than in the rest of the OECD-area. We explain this evidence by unfavorable labor market institutions in the EMS-countries, and by the nature of the deflationary policies which these countries have followed. Copyright Kluwer Academic Publishers 1990

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Article provided by Springer in its journal Open Economies Review.

Volume (Year): 1 (1990)
Issue (Month): 2 (June)
Pages: 147-173
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Handle: RePEc:kap:openec:v:1:y:1990:i:2:p:147-173

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis And The European Unemployment Problem," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 15-90 National Bureau of Economic Research, Inc. [Downloadable!]
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  2. Giavazzi, Francesco & Pagano, Marco, 1986. "The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility," CEPR Discussion Papers 135, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Robert J. Barro & David B. Gordon, 1984. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Dornbusch, Rudiger, 1982. "Stabilization policies in developing countries: What have we learned?," World Development, Elsevier, vol. 10(9), pages 701-708, September. [Downloadable!] (restricted)
  5. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January. [Downloadable!] (restricted)
  6. Willem H. Buiter & Marcus Miller, 1983. "Changing the Rules: Economic Consequences of the Thatcher Regime," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 14(1983-2), pages 305-380. [Downloadable!]
  7. Backus, David & Driffill, John, 1985. "Inflation and Reputation," American Economic Review, American Economic Association, vol. 75(3), pages 530-38, June. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Clemens Kool & Alex Lammertsma, 2005. "Inflation Persistence under Semi-Fixed Exchange Rate Regimes: The European Evidence 1974–1998," Open Economies Review, Springer, vol. 16(1), pages 51-76, January. [Downloadable!] (restricted)
  2. Balogun, Emmanuel Dele, 2008. "An Empirical Test of Trade Gravity Model Criteria for the West African Monetary Zone (WAMZ)," MPRA Paper 7083, University Library of Munich, Germany. [Downloadable!]
  3. Balogun, Emmanuel Dele, 2009. "Alternative reconsideration of output growth differrential for the West African Monetary Zone," MPRA Paper 13416, University Library of Munich, Germany. [Downloadable!]
  4. Balogun, Emmanuel Dele, 2007. "Monetary policy and economic performance of West African Monetary Zone Countries," MPRA Paper 4308, University Library of Munich, Germany. [Downloadable!]
  5. Fève,P. & Materon,J. & Sahuc, J-G., 2009. "Inflation Target Shocks and Monetary Policy Inertia in the Euro Area," Documents de Travail 243, Banque de France. [Downloadable!]
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  6. Clemens J.M. Kool & Alex Lammertsma, 2003. "Inflation Persistence under Semi-Fixed Exchange Rate Regimes: The European Evidence 1974-1998," Working Papers 04-04, Utrecht School of Economics. [Downloadable!]
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