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Exchange Rates, Policy Convergence And The European Monetary System

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  • R MACDONALD
  • M P TAYLOR

Abstract

In this paper we use a recently developed multivariate cointegration technique to analyse the degree of policy convergence of EMS member relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some evidence to support the `German leadership hypothesis' in the context of intra-EMS monetary policy convergence, which accords with anecdotal evidence on the modus operandi of the EMS.

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Paper provided by Economic Studies, University of Dundee in its series Dundee Discussion Papers in Economics with number 020.

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Handle: RePEc:dun:dpaper:020

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