Exchange Rates, Policy Convergence, and the European Monetary System
AbstractThe authors analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, they find convergence for the nominal and real exchange rates and money supplies of the EMS members, but not for the non-EMS countries. The authors also provide some evidence to support the "German leadership hypothesis" in the context of intra-EMS monetary policy convergence. Copyright 1991 by MIT Press.
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Bibliographic InfoArticle provided by MIT Press in its journal Review of Economics & Statistics.
Volume (Year): 73 (1991)
Issue (Month): 3 (August)
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Web page: http://mitpress.mit.edu/journals/
Other versions of this item:
- MacDonald, Ronald & Taylor, Mark P, 1990. "Exchange Rates, Policy Convergence and the European Monetary System," CEPR Discussion Papers 444, C.E.P.R. Discussion Papers.
- R Macdonald & M P Taylor, . "Exchange Rates, Policy Convergence And The European Monetary System," Dundee Discussion Papers in Economics 020, Economic Studies, University of Dundee.
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