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Monetary Policies in the EMS: Lessons from the Great Recession of 1991-3

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  • De Grauwe, Paul

Abstract

This paper analyses the nature of the monetary policies in the EMS during the most recent recession. It shows that these monetary policies were very restrictive in an historical perpective, and identifies the characteristics of the workings of the EMS responsible for these monetary policies.

Suggested Citation

  • De Grauwe, Paul, 1994. "Monetary Policies in the EMS: Lessons from the Great Recession of 1991-3," CEPR Discussion Papers 1047, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1047
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    More about this item

    Keywords

    EMS; Monetary Policy; Recession;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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