German dominance in the EMS
The paper assesses the merit of the view according to which the Bundesbank dominates monetary policy-making in the European Monetary System. Our tests give a strong rejection of German dominance and suggest, instead, that monetary policymaking in the EMS is interactive. There is evidence that the Bundesbank pursues her own policy goals in the longer run. But German independence does not imply German dominance. Copyright Kluwer Academic Publishers 1990
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Volume (Year): 1 (1990)
Issue (Month): 1 (February)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
- Stanley Fischer, 1987. "International Macroeconomic Policy Coordination," NBER Working Papers 2244, National Bureau of Economic Research, Inc.
- Robert J. Barro & David B. Gordon, 1981.
"A Positive Theory of Monetary Policy in a Natural-Rate Model,"
NBER Working Papers
0807, National Bureau of Economic Research, Inc.
- Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
- Canzoneri, Matthew B. & Henderson, Dale W., 1988. "Is sovereign policymaking bad?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 28(1), pages 93-140, January.
- Daniel Gros & Niels Thygesen, 1988. "Le SME : performances et perspectives," Revue de l'OFCE, Programme National Persée, vol. 24(1), pages 55-80.
- Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January.
- Matthew B. Canzoneri, 1981.
"Exchange intervention policy in a multiple country world,"
International Finance Discussion Papers
174, Board of Governors of the Federal Reserve System (U.S.).
- Canzoneri, Matthew B., 1982. "Exchange intervention policy in a multiple country world," Journal of International Economics, Elsevier, vol. 13(3-4), pages 267-289, November.
- Melitz, Jacques, 1987. "Monetary Discipline, Germany, and the European Monetary System," CEPR Discussion Papers 178, C.E.P.R. Discussion Papers.
- Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
- Canzoneri, Matthew B & Gray, Jo Anna, 1985. "Monetary Policy Games and the Consequences of Non-cooperative Behavior," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 547-564, October.
- Michele Fratianni, 1988. "The European Monetary System: How Well Has It Worked?," Cato Journal, Cato Journal, Cato Institute, vol. 8(2), pages 477-506, Fall.
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