Models of the EMS: is Europe a Greater Deutschmark Area?

Francesco Giavazzi and Alberto Giovannini
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Francesco Giavazzi: Universita di Venezia
Alberto Giovannini: Columbia University

Chapter 7 in Global Macroeconomics: Policy Conflict and Cooperation, 1987, pp 237-272 from Palgrave Macmillan

Abstract: Abstract Regimes of fixed exchange rates or of limited exchange-rate flexibility, like the ideal ‘target zone’ proposal or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets exchange-rate parities? If exchange rates are determined exogenously by a mechanical rule, does — or should — only one country run monetary policy, or does this depend on all members of the system?

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Real Exchange Rate; Exchange Rate Regime (search for similar items in EconPapers)
Date: 1987
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DOI: 10.1007/978-1-349-18916-8_7

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