Exchange Rates, Policy Convergence, and the European Monetary System

Ronald MacDonald and Mark Taylor

The Review of Economics and Statistics, 1991, vol. 73, issue 3, 553-58

Abstract: The authors analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, they find convergence for the nominal and real exchange rates and money supplies of the EMS members, but not for the non-EMS countries. The authors also provide some evidence to support the "German leadership hypothesis" in the context of intra-EMS monetary policy convergence. Copyright 1991 by MIT Press.

Date: 1991
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Related works:
Working Paper: Exchange Rates, Policy Convergence and the European Monetary System (1990)
Working Paper: EXCHANGE RATES, POLICY CONVERGENCE AND THE EUROPEAN MONETARY SYSTEM
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