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Monetary Authorities’ Reaction Functions in a Model of Exchange-Rate Determination for the European Monetary System

In: Exchange Rates in Multicountry Econometric Models

Author

Listed:
  • Giorgio Basevi
  • Michele Calzolari
  • Francoise Thys-Clement

Abstract

The purpose of this study1 is to provide an econometric analysis of monetary authorities’ reaction functions capable of accounting for that part in the process of exchange-rate determination which is generally left exogenous in the recent literature. While our aim is therefore to improve on the current state of exchange-rate analysis, the occasion for this research and our main empirical interest in it originate from the need to account for the determination of the exchange rates of the major European currencies, particularly those that have operated under the institutional constraints of the European Monetary Agreement in the seventies (the European ‘snake’) and of the European Monetary System since 1979.

Suggested Citation

  • Giorgio Basevi & Michele Calzolari & Francoise Thys-Clement, 1983. "Monetary Authorities’ Reaction Functions in a Model of Exchange-Rate Determination for the European Monetary System," Palgrave Macmillan Books, in: Paul Grauwe & Theo Peeters (ed.), Exchange Rates in Multicountry Econometric Models, chapter 9, pages 267-284, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17286-3_9
    DOI: 10.1007/978-1-349-17286-3_9
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    Cited by:

    1. Acosta, Juan & Rancan, Antonella & Sergi, Francesco, 2023. "Multi-country modelling at the commission of the European communities: Centralised and decentralised approaches," European Economic Review, Elsevier, vol. 158(C).

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