The 'Walters Critique' of the EMS - A Case of Inconsistent Expectations
AbstractAlan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analysed within a model that includes overlapping contracts. It is found that the short-run effects predicted by Walters only arise when the credibility of the peg differs as between the labour and financial markets: but even if such a difference exists the system is stable in the long run.
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 363.
Date of creation: 1990
Date of revision:
Other versions of this item:
- Miller, Marcus & Sutherland, Alan, 1991. "The "Walters Critique" of the EMS--A Case of Inconsistent Expectations?," The Manchester School of Economic & Social Studies, University of Manchester, University of Manchester, vol. 59(0), pages 23-37, Supplemen.
- Miller, Marcus & Sutherland, Alan, 1990. "The `Walters' Critique of the EMS: A Case of Inconsistent Expectations," CEPR Discussion Papers, C.E.P.R. Discussion Papers 480, C.E.P.R. Discussion Papers.
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