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Exchange Rates and the EMS: Assessing the Track Record
Artis, Michael J; Taylor, Mark P - C.E.P.R. Discussion Papers - 1988
This paper attempts to provide some answers to a number of related questions. Has the European Monetary System reduced (real or nominal, bilateral or effective) exchange rate volatility? If so, has this been at the expense of increased interest rate volatility? How important have capital...
Persistent link: https://www.econbiz.de/10005661462
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European Monetary Union or Hard EMS?
Currie, David; Levine, Paul L; Pearlman, Joseph - C.E.P.R. Discussion Papers - 1990
acquired by all as a result of Bundesbank credibility. As regards EMU, it is possible that too rapid a move through the latter … stages of the Delors process will produce a central bank with little or no anti-inflation credibility. Here we make starkest … assumption of no credibility under EMU, and compare it with hard-EMS for various supply and demand shocks using a two-bloc model …
Persistent link: https://www.econbiz.de/10005281383
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The `New' EMS
Giavazzi, Francesco; Spaventa, Luigi - C.E.P.R. Discussion Papers - 1990
This paper attempts to provide an interpretation of recent developments in the EMS. The System has evolved from a regime of adjustable, frequently adjusted parities, where capital controls provided a shelter to weaker currencies, to one where this shelter is being removed, in advance of Stage...
Persistent link: https://www.econbiz.de/10005498150
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The `Walters' Critique of the EMS: A Case of Inconsistent Expectations
Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1990
predicted by Walters only arise when the credibility of the peg differs as between the labour and financial markets: but even if …
Persistent link: https://www.econbiz.de/10005504500
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Destabilizing Effects of Exchange-Rate Escape Clauses
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1991
clauses can raise society's welfare in principle, limited credibility makes it difficult for governments to implement such …
Persistent link: https://www.econbiz.de/10005661850
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German Reunification and Exchange Rate Policy in the EMS
Melitz, Jacques - C.E.P.R. Discussion Papers - 1991
This stresses that the impact of German reunification on the DM is affected by current plans to move toward monetary union in the European Community. The fundamental value of the DM is different depending upon whether Germany will be part of a larger monetary union in the year 2000, or whether...
Persistent link: https://www.econbiz.de/10005792359
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Unanticipated Inflation and Government Finance: The Case for an Independent Common Central Bank
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1991
This paper discuss the merits of an independent "EuroFed" within the context of a tax/seigniorage smoothing model for a monetary union. There is an incentive to use a surprise inflation tax to wipe out the real value of government debt and wage contracts because this allows a cut in...
Persistent link: https://www.econbiz.de/10005662016
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Currency Crises: A Perspective on Recent Theoretical Developments
Jeanne, Olivier - C.E.P.R. Discussion Papers - 1999
This paper puts recent theoretical developments in the literature on currency crises in perspective by comparing two theoretical approaches, one based on the speculative attack model of Krugman-Flood-Garber and the other approach, which evolved following the 1992-93 crisis of the European...
Persistent link: https://www.econbiz.de/10005123792
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EMU and Asymmetries and Adjustment Problems in the EMS
Weber, Axel A - C.E.P.R. Discussion Papers - 1990
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...
Persistent link: https://www.econbiz.de/10005124043
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Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS
Rose, Andrew K; Svensson, Lars E O - C.E.P.R. Discussion Papers - 1991
An empirical model of time-varying realignment in an exchange rate target zone is developed. Expected rates of devaluation are estimated as the difference between interest rate differentials and estimated expected rates of depreciation within the exchange rate band, using French...
Persistent link: https://www.econbiz.de/10005124254