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Exchange Rates, Policy Convergence and the European Monetary System

  • MacDonald, Ronald
  • Taylor, Mark P

In this paper we use a recently developed multivariate cointegration technique to analyse the degree of policy convergence of EMS member relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some evidence to support the `German leadership hypothesis' in the context of intra-EMS monetary policy convergence, which accords with anecdotal evidence on the modus operandi of the EMS.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 444.

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Date of creation: Aug 1990
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Handle: RePEc:cpr:ceprdp:444
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