EMU and Asymmetries and Adjustment Problems in the EMS
AbstractThe paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular when the concept of "Granger causality" is applied in vector autoregressions using money-market interest rates through which most of the short-term policy impulses are transmitted; and second, asymmetries in the shocks to macroeconomic variables are discussed.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 448.
Date of creation: Aug 1990
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- F15 - International Economics - - Trade - - - Economic Integration
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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