The EMS and International Transmission Mechanisms

Jean-Paul Fitoussi and Jacques Cacheux

Chapter 5 in Prospects for the European Monetary System, 1990, pp 90-120 from Palgrave Macmillan

Abstract: Abstract At first sight, the EMS appears (or is said) to be an island of stability in a choppy ocean. For sure, the waves affect the shores of the island. But by and large the degree of stability of the inside land is enhanced, thus favouring intra-European trade. The metaphor has flimsy empirical and ambiguous theoretical foundations. It is common sense but common sense is often wrong, especially when applied to new problems.

Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; Money Supply; Real Interest Rate (search for similar items in EconPapers)
Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11629-4_5

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DOI: 10.1007/978-1-349-11629-4_5

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