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

Paul De Grauwe

No 1047, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

Keywords: EMS; Monetary Policy; Recession (search for similar items in EconPapers)
JEL-codes: F33 F36 F42 (search for similar items in EconPapers)
Date: 1994-10
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