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Transport Infrastructure Investment and Demand Uncertainty

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Author Info
Paul De Grauwe
Hans Dewachter
Yunus Aksoy
Abstract

In this paper we compare the stabilizing properties of the EMU to those of a ERM system, controlled by Germany. We find that in general the EMU will provide better stabilization of inflation, output and the interest rate than the EMS system. However, these results only apply if the ECB can effectively control monetary policy.\ In the case that the ECB-representatives do not coordinate and take a nationalistic point of view, the EMS regime is preferred by various countries.

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File URL: http://www.econ.kuleuven.be/eng/ew/discussionpapers/Dps99/Dps9921.pdf
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Paper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën in its series Center for Economic Studies - Discussion papers with number ces9921.

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Date of creation: Mar 1999
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Handle: RePEc:ete:ceswps:ces9921

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