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Do Exchange-Rate Regimes Matter for Monetary-Policy Autonomy? The Experiences of 11 Small, Open European Economies in the 1980s and 1990s

Jens Forssbæck and Lars Oxelheim

No 2003/7, Working Paper Series from Lund University, Institute of Economic Research

Abstract: We investigate monetary-policy autonomy under different exchange-rate regimes in small, open European economies during the 1980s and 1990s. We find no systematic difference in the degree of nominal monetary-policy autonomy enjoyed by those countries that pursue flexible exchange-rate regimes as compared to those that have kept their exchange rates fixed. Our interpretation of the results is that over the medium and long term following an ‘independent’ target for monetary policy, which does not deviate much from the targets of those countries to which one is closely financially integrated, is as constraining as locking the exchange rate to some particular level.

Keywords: exchange rate regimes; monetary policy autonomy; capital mobility (search for similar items in EconPapers)
Pages: 29 pages
Date: 2003-09-30
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Persistent link: https://EconPapers.repec.org/RePEc:hhb:lufewp:2003_007

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