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Gaining Policy Credibility for a Disinflation: Ireland's Experience in the EMS

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  • Jeroen J. M. Kremers

    (International Monetary Fund)

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    Abstract

    Given a need for disinflation, the adoption of a (semi-)fixed exchange rate policy vis-Ã -vis a low-inflation country may provide a source of discipline, enhancing the disinflation's credibility and reducing its detrimental impact on the economy. This paper presents empirical evidence that inflation expectations in Ireland were moderated by entry into the exchange rate mechanism of the EMS, indicating that Ireland's disinflation was successful in deriving credibility from the exchange rate policy. A loss of competitiveness at an early stage of the disinflation appears to have been important in establishing its credibility.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 37 (1990)
    Issue (Month): 1 (March)
    Pages: 116-145

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    Handle: RePEc:pal:imfstp:v:37:y:1990:i:1:p:116-145

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    Cited by:
    1. Gürbüz Beşek, Yeşim, 2011. "Crédibilité en matière de ciblage d'inflation," GIAM Working Papers 11-1, Galatasaray University Economic Research Center, revised 08 Feb 2011.
    2. Johannes Groeneveld & Kees Koedijk & Clemens Kool, 1998. "Inflation Dynamics and Monetary Strategies: Evidence from Six Industrialized Countries," Open Economies Review, Springer, vol. 9(1), pages 21-38, January.
    3. Francisco Ledesma-Rodriguez & Manuel Navarro-Ibanez & Jorge Perez-Rodriguez & Simon Sosvilla-Rivero, 2000. "On the Credibility of the Irish Pound in the EMS," The Economic and Social Review, Economic and Social Studies, vol. 31(2), pages 151-172.

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