The cost of disinflation and the European Monetary System
In this paper we present empirical evidence indicating that the EMS-countries have experienced a worsening of their inflation/unemployment trade-off during 1978â€“88, which on average was more pronounced than in the rest of the OECD-area. We explain this evidence by unfavorable labor market institutions in the EMS-countries, and by the nature of the deflationary policies which these countries have followed. Copyright Kluwer Academic Publishers 1990
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- Francesco Giavazzi & Marco Pagano, 1991.
"The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility,"
in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330
National Bureau of Economic Research, Inc.
- Giavazzi, Francesco & Pagano, Marco, 1988. "The advantage of tying one's hands : EMS discipline and Central Bank credibility," European Economic Review, Elsevier, vol. 32(5), pages 1055-1075, June.
- Giavazzi, Francesco & Pagano, Marco, 1986. "The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility," CEPR Discussion Papers 135, C.E.P.R. Discussion Papers.
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- 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.
- Susan M. Collins, 1988. "Inflation and the E M S," NBER Working Papers 2599, National Bureau of Economic Research, Inc.
- Willem H. Buiter & Marcus Miller, 1983. "Changing the Rules: Economic Consequences of the Thatcher Regime," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 14(2), pages 305-380.
- David Backus & John Driffill, 1984.
"Inflation and Reputation,"
560, Queen's University, Department of Economics.
- Rudiger Dornbusch, 1988. "Credibility, Debt and Unemployment: Ireland's Failed Stabilization," NBER Working Papers 2785, National Bureau of Economic Research, Inc.
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- Robert J. Barro & David B. Gordon, 1983.
"Rules, Discretion and Reputation in a Model of Monetary Policy,"
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- Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
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