Evaluating the EMS and EMU Using Stochastic Simulations: Some Issues

Paul Masson and Steven Symansky

No 1993/028, IMF Working Papers from International Monetary Fund

Abstract: Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model realignments; how monetary policy is set for individual countries or for Europe; and how large are risk premium shocks in exchange markets. We quantify the effects of different assumptions relating to these features using MULTIMOD.

Keywords: WP; Ems country; inflation variability; monetary union; Ems inflation; EC monetary policy; EC inflation; Inflation; Return on investment; Exchange rates; Monetary base; Monetary unions; Europe; Global (search for similar items in EconPapers)
Pages: 40
Date: 1993-03-01
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