IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Il sistema monetario europeo: un meccanismo "flessibile" per importare credibilità

  • Vitale Giovanni
Registered author(s):

    The game theory literature interprets the EMS as a disinflationary monetary regime merging a rule with an escape clause. This interpretation does not explain why the rule is implemented and it does not consider the imperfection and the asymmetry between the information sets of the players. In this paper these features are explicitly considered. The EMS is modeled as a flexible "institutional" framework within which the game between the private sector and a committed low-inflationary policy maker takes place. The model provides a simple framework for estimating the credibility of a country's participation in the EMS, without relying on particular stochastic assumptions on the process driving the fundamentals or the expectations of realignment. It shows also that the member countries can in the short run enjoy some monetary independence, without losing the credibility of their commitment. In the second part of the paper, an estimate of the credibility and of the degree of monetary independence exploited by the EMS countries is derived.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.rivisteweb.it/download/article/10.1429/1499
    Download Restriction: no

    File URL: http://www.rivisteweb.it/doi/10.1429/1499
    Download Restriction: no

    Article provided by Società editrice il Mulino in its journal Politica economica - Journal of Economic Policy (PEJEP).

    Volume (Year): (2000)
    Issue (Month): 3 ()
    Pages: 305-334

    as
    in new window

    Handle: RePEc:mul:je8794:doi:10.1429/1499:y:2000:i:3:p:305-334
    Contact details of provider:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:mul:je8794:doi:10.1429/1499:y:2000:i:3:p:305-334. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.