EMU and Asymmetries and Adjustment Problems in the EMS

Axel A Weber

No 448, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular when the concept of "Granger causality" is applied in vector autoregressions using money-market interest rates through which most of the short-term policy impulses are transmitted; and second, asymmetries in the shocks to macroeconomic variables are discussed.

Keywords: Economic Integration; Europe; European Monetary System; Exchange Rates; Monetary Policy (search for similar items in EconPapers)
JEL-codes: F15 F33 O52 (search for similar items in EconPapers)
Date: 1990-08
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Citations: View citations in EconPapers (20)

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